Ripple Labs Chief Legal Officer (CLO) Stuart Alderoty has 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 that both sides will take and indicates that the briefing process could continue until July 2025.
Wrinkle vs. SEC: Timeline for potential appeals
FOX business journalist Eleanor Terrett shared details of her conversation with Alderoty on October 15 via Tomorrow is the SEC’s last day to file Form C (which will provide some details about what it plans to appeal). This means that by today, October 16, the SEC must file Form C, a document that outlines the specific aspects of the case it plans to challenge on appeal.
Terrett continued, relaying Alderoty’s insights: “Seven days later, Ripple will file its own Form C, which will provide more details about its own cross-appeal. Both parties will then agree on a briefing schedule, and the SEC will then have up to 90 days to file its initial briefing. Alderoty says he expects they will take the full 90 days. That opening letter will be a complete recitation of all the legal arguments the SEC will make. Ripple will file a response and then prepare its own brief.” According to Alderoty, “the full briefing process… will continue until July 2025.”
The SEC’s decision to appeal follows the SEC’s decision final ruling on August 7, 2024. Judge Analisa Torres of the United States 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 for unregistered XRP sales. As early as July 13, 2023, Torres ruled that Ripple’s institutional sales of XRP violated federal securities laws and deemed them unregistered securities offerings. However, it also concluded that Ripple’s programmatic sales of XRP to the general public, as well as distributions to employees and third parties, did not constitute securities transactions.
On October 2, the SEC formally met announced his intention to appeal the ruling by filing an “appeal” with the United States Court of Appeals for the Second Circuit. Notably, the SEC has not yet articulated the specific grounds of its appeal. The upcoming Form C is expected to provide more detailed information on the legal arguments the SEC intends to make.
In response to the SEC’s call, Ripple announced on October 10 that it would file a cross-appeal. Stuart Alderoty stated via Today, Ripple has filed a cross-appeal to ensure that nothing is left on the table, including the argument that there cannot be an ‘investment contract’ without essential rights and obligations included in a contract.”
As Bitcoinist reported, so did pro-XRP advocate Fred Rispoli offered a prediction regarding the two-week deadline for the appeal, which aligns with Alderoty’s expectations but extends the case’s potential conclusion to early 2026. Rispoli outlined the series of filings and responses leading to oral arguments, scheduled for sometime between September and October 2025, with a final ruling from the Second Circuit Court of Appeals not expected until January 2026.
At the time of writing, XRP was trading at $0.5430.
Featured image from YouTube/EUI TV, chart from TradingView.com