Stuart Alderotti, chief legal officer (CLO) at Ripple Labs, provided his expected timeline for the appeals process in the case against the US Securities and Exchange Commission (SEC). His prediction provides insight into the procedural steps the parties will take and suggests the briefing process could continue until July 2025.
ripple vs. SEC: Possible timeline for appeal
Fox Business journalist Eleanor Terret subscriber Details of her conversation with Alderoty on October 15 via X. She stated: “I just had a great conversation with Stuart Alderoty from Ripple who gave me a rundown of the timeline for appeals. The SEC’s last day to file Form C (which will give a level of detail about what you plan to appeal) is tomorrow. This means that by today, October 16, the SEC must file Form C, a document outlining the specific aspects of the case it intends to challenge on appeal.
Teret continued to relay Aldroti’s thoughts: “Seven days later, Ripple will file its Form C, which will give more details about its cross-appeal. The two parties will then agree on a briefing schedule, and the SEC will then have up to 90 Alderotti says he expects them to take the full 90 days. “This opening brief will be a complete recitation of all the legal arguments that the SEC will present and then its own summary.” According to Alderotti, “the full briefing process… will continue until July 2025.”
The SEC’s appeal decision follows a final ruling issued on August 7, 2024. Judge Analisa Torres of the US District Court for the Southern District of New York issued a permanent injunction against Ripple Labs and its executives, while imposing a $125 million fine on Ripple Labs and its executives. Unregistered XRP. sales. Already on July 13, 2023, Torres ruled that Ripple’s institutional sales of XRP violated federal securities laws, deeming them unregistered securities offerings. However, it also concluded that Ripple’s programmed sales of XRP to the general public, as well as distributions to employees and third parties, do not constitute securities transactions.
On October 2, the SEC formally announced its intention to appeal the ruling by filing a “Notice of Appeal” with the US Court of Appeals for the Second Circuit. It is worth noting that the SEC has not yet clarified the specific reasons for its appeal. The upcoming Form C is expected to provide more detailed information about the legal arguments the SEC plans to make.
In response to the SEC’s appeal, Ripple announced on October 10 that it would file a cross-appeal. “The SEC lost on all the major points — that’s why they appealed,” Stuart Aldroty said via Investment” without the basic rights and obligations contained in the contract.
As Bitcoinist reported, pro-XRP lawyer Fred Rispoli also made a two-week appeal timeline prediction, which is in line with Alderotti’s prediction but extends the potential conclusion of the case until early 2026. Rispoli outlined the sequence of filings and responses that preceded the oral arguments. Arguments are scheduled for sometime between September and October 2025, and a final ruling from the Second Circuit Court of Appeals is expected no later than January 2026.
At press time, XRP was trading at $0.5430.
Featured image from YouTube/EUI TV, chart from TradingView.com
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