As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I find myself once again standing on familiar ground amidst the ongoing XRP lawsuit saga. The recent SEC appeal has added another layer to this drawn-out drama, and while it’s disappointing that we might not see a conclusion anytime soon, I’ve learned to expect the unexpected in this realm.
On October 2nd, Wednesday, the U.S. Securities and Exchange Commission (SEC) decided to appeal Judge Torres’ ruling in their ongoing lawsuit with Ripple. This move follows the final judgment issued by the US District Court, Southern District of New York on August 7th, which the SEC is now challenging.
The notice from the agency doesn’t make clear which aspects of the case they intend to contest. This lack of clarity raises questions about whether the SEC might be challenging both Judge Torres’ rulings – one regarding the programmatic sales of XRP, including his clarification that XRP is not considered a security (as of July 2023), and the other concerning the penalties imposed on Ripple’s institutional sales, which were decided on August 7.
In response to the SEC’s actions, Stuart Alderoty, Ripple’s Chief Legal Officer, swiftly expressed the company’s stance in a post on X. In this post, he criticizes the continuous legal tactics employed by the SEC. Moreover, he hinted at potential plans for a cross-appeal by Ripple. If they choose to file a cross-appeal, they must do so within a fortnight starting from October 3.
It’s disheartening, though expected, that the SEC has chosen to appeal. This merely delays what’s become an unfortunate fiasco for them. The Court has previously dismissed the SEC’s claim that Ripple acted irresponsibly, and there were no accusations of fraud, naturally…
— Stuart Alderoty (@s_alderoty) October 2, 2024
XRP Lawsuit Not Over Before 2026?
Through X, crypto attorney James “MetaLawMan” Murphy shared his thoughts on the impending deadline in the case: “Upcoming stage for Ripple’s Appeal. As I remember, the SEC has approximately two weeks to submit a form detailing the specific points they intend to contest. Legal caveat: It’s been since 2021 since I’ve worked on a 2nd Circuit appeal, so there might have been some changes in the process.
Fred Rispoli, an attorney supportive of XRP and founder of HODL Law, provided a detailed outlook on how the appellate timeline could play out. He suggested that the SEC might be required to submit its brief by December 2, 2024, potentially followed by a request for a 30-day extension which would push the deadline to early January 2025.
At the same moment, Ripple will work on drafting its initial appeal brief. By February 2, 2025, the opposing parties will have to submit their own briefs. If needed, Ripple might request an extension, which would move this deadline to March 2, 2025.
The follow-up responses will be set for late March 2025. It is estimated that oral hearings will take place between September and October 2025, with a decision from the Second Circuit Court likely not before January 2026. However, it could realistically be delayed until March or April 2026.
As a researcher delving into the XRP situation, I’ve noticed a surge of enthusiasm within the community following the recent appeal news. Specifically, Chad Steingraber posed a question regarding the potential timeline for this case to reach the Supreme Court. Upon investigation, it appears that Rispoli anticipates an additional 1.5 to 2 years from the time the Second Circuit makes its decision before the case could be heard by the Supreme Court.
Other people within the community debated possible political factors affecting the case, considering situations where shifts in U.S. leadership could impact the SEC’s position or potentially cause them to drop their appeal altogether. In response to a question about why the SEC might abandon their appeal, Rispoli replied, “The parties involved have the ability to withdraw the appeal at any given moment.
As a crypto investor, I’d express it like this: “I noted that there’s a compulsory mediation process within the appellate courts, which encourages all parties to reach a settlement as soon as possible. This is just an extreme hypothetical scenario, but if, for instance, the Democrats were heavily defeated in the election and 20% of voters in exit polls attributed this loss to the Ripple case, that could potentially hasten the SEC’s decision to reconsider their stance.
At press time, XRP traded at $0.5332 down -10% in the last 24 hours.
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2024-10-03 21:13