In recent turn of events, the SEC has finally filed an appeal against Judge Torres ruling in the SEC vs. Ripple case on October 2, 2024, just few days away from the deadline. The on-going legal battle between SEC and Ripple has significant implications for the cryptocurrency community, particularly for XRP holders as there has been a drop of approximately 14% in the XRP price in the last 24 hours.
Key Dates in the Appellate Process
Fred Rispoli, a well-known crypto lawyer, drew out a detailed SEC v. Ripple appellate timeline in his X post. The timeline is as follows;
- SEC Brief Submission: The SEC’s brief is likely due on December 2, 2024. However, it is expected that the SEC will seek a permissible 30-day extension, pushing the submission deadline to shortly after January 1, 2025. This brief will outline SEC’s arguments against Ripple’s previous court ruling.
- Ripple’s Cross Appeal: Ripple plans to file an cross appeal, with its opening brief around the same time as the SEC’s submission. This means that both parties will be presenting their arguments simultaneously, setting the stage for a complex legal exchange.
- Opposition Brief: The opposition briefs from both parties is due on February 2, 2025. Ripple is believed to likely take an extension, which would push this deadline to March 2, 2025. These briefs will respond to each party’s claims and further clarify their positions.
- Reply Briefs: Reply briefs are expected by the end of March 2025. This stage allows both parties to address points raised in the opposition briefs and refine their arguments ahead of oral arguments.
- Oral Arguments: Oral arguments are anticipated somewhere between September and October 2025. These arguments would be crucial as both sides present their cases before a panel of judges.
- Final Ruling: A ruling from the Second Circuit Court is expected by January 2026 at the earliest and be realistically expected between March and April 2026. This decision will have lasting implications for Ripple, XRP, and the broader cryptocurrency market.
Market Reactions
Due to the appeal filed by the SEC, there has been a dip of 14.2% in the XRP price and currently the price for XRP is $0.5117. The investors have become cautious as SEC’s appeal has sparked significant amount of concern within the community.
Ripple’s CEO Brad Garlinghouse and CLO Stuart Alderoty, have openly criticized SEC’s decision to appeal, labeling it irrational and out of touch. Additionally, the appeal filed by the SEC further stirs the confusion around crypto regulations within the crypto community.
In conclusion, for XRP holders, understanding this timeline is crucial as it outlines when key filings will occur but also highlights how these events could influence XRP’s market performance.
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