The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to capture the attention of the financial and crypto communities. Stuart Alderoty, the Chief Legal Officer at Ripple Labs, has shed light on the expected timeline for the appeals process in their ongoing case with the SEC. This timeline, which Alderoty shared, outlines the procedural steps that both parties are expected to undertake, suggesting that the briefing process might extend until July 2025.
Understanding the Appeals Timeline
FOX Business journalist Eleanor Terrett recently shared insights from her conversation with Stuart Alderoty on October 15. In a social media update, Terrett revealed, “Just had a great chat with Stuart Alderoty of Ripple who gave me a rundown of the appeals timeline. The SEC’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.” This statement indicates that by October 16, the SEC is required to submit Form C, a critical document that will specify the aspects of the case it intends to contest on appeal.
Continuing the conversation, Terrett relayed Alderoty’s further insights: “Seven days later, Ripple will file its own Form C, which will give more details about its own cross-appeal.” Following this, both parties will establish a briefing schedule. The SEC is allotted up to 90 days to file its initial brief, and Alderoty anticipates that they will utilize the entire period. This opening brief will comprehensively outline all the legal arguments the SEC plans to present. Subsequently, Ripple will file a response followed by its own brief. According to Alderoty, “the full briefing process… will extend through July 2025.”
Background of the Legal Proceedings
The SEC’s decision to appeal comes after a significant ruling on August 7, 2024. Judge Analisa Torres of the U.S. District Court for the Southern District of New York issued a permanent injunction against Ripple Labs and its executives, along with a $125 million penalty for unregistered XRP sales. On July 13, 2023, Judge Torres had previously determined that Ripple’s institutional sales of XRP violated federal securities laws, categorizing them as unregistered securities offerings. However, the court also concluded that Ripple’s programmatic sales of XRP to the public, as well as distributions to employees and third parties, did not constitute securities transactions.
The SEC’s Appeal and Ripple’s Response
On October 2, the SEC formally announced its intent to appeal the ruling by filing a “notice of appeal” with the U.S. Court of Appeals for the Second Circuit. While the SEC has yet to clarify the specific grounds of its appeal, the forthcoming Form C is expected to provide more detailed information about the legal arguments they plan to pursue.
In response, Ripple announced on October 10 that it would file a cross-appeal. Stuart Alderoty stated via a social media update: “The SEC lost on all key points—that’s why they appealed. Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an ‘investment contract’ without there being essential rights and obligations found in a contract.”
Future Predictions and Market Implications
As reported by Bitcoinist, pro-XRP attorney Fred Rispoli also predicted the appellate timeline, which aligns with Alderoty’s expectations but suggests the case could conclude in early 2026. Rispoli outlined the sequence of filings and responses leading up to oral arguments, anticipated between September and October 2025, with a final ruling from the Second Circuit Court of Appeals expected by January 2026.
At the time of this update, XRP traded at $0.5430, reflecting the ongoing market interest and potential implications of the legal proceedings.
