Wednesday, June 19, 2024
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XRP Lawsuit: Legal Expert Shares Likely Timeline of SEC’s Potential Appeal

It is no longer news that Ripple Labs was partly cleared of the charges leveled against it by the United States Securities and Exchange Commission (SEC) after a prolonged legal contest that saw Judge Analisa Torres rule in favor of XRP.

However, situations seemed to be taking significant twists following Judge Torres’s order for both parties, Ripple and the SEC, to submit blackout dates for the jury trial slated to commence in the second quarter of 2024.

In another development, the U.S. SEC has disclosed its plans for an interlocutory appeal, waiting for approval, as previously reported by TimesTabloid, implying another round of court proceedings.

Jeremy Hogan: Likely Timeline of SEC’s Appeal

Amidst an already assembled series of legal proceedings between Ripple and the SEC, renowned legal expert Jeremy Hogan gave a potential timeline if SEC’s request to appeal is approved.

Quoting the tweet containing the paper document for the submission of blackout dates for trial, Hogan tweeted, “The individual Defendant’s trial will begin around May 2024. That means the Final Judgment in this case won’t be entered until…late summer 2024 (at the earliest). Any appeal would go well into 2025.”

In addition, Hogan thinks a potential appeal from the SEC would favor Ripple and XRP, noting that an appeal would cost the U.S. SEC financial losses. “The glove is on the other hand now, delays are GOOD for XRP and Ripple.”

“SEC Cannot Appeal Now” – Attorney Stuart Alderoty.

Per another famous attorney, Stuart Alderoty, who is Ripple’s Chief Legal Officer (CLO), the SEC lacks the legal backing to seek an appeal now. He said this is why the regulatory body opted to file for an interlocutory appeal. Stuart also noted that Ripple’s response will respond to the filing next week. 

Notably, Stuart’s response was spurred by a tweet from the defense attorney, James K. Filan, which went thus, “SEC Files Letter outlining its basis for filing a Motion for Leave to File an Interlocutory Appeal regarding “Programmatic” offers and sales to XRP buyers over trading platforms and Ripple’s “Other Distributions.”

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Meanwhile, as of the time of filing this report, XRP is ranked 5th per market cap on CoinGecko and selling for $0.633629 with a market cap of $33,451,843,037.


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Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
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