The battle between the US Securities and Exchange Commission (SEC) and Ripple is entering a new chapter after four years. The SEC has officially filed an appeal against Ripple.
This specifically concerns Judge Analisa Torres’ ruling from July 2023, which ruled that programmatically selling XRP on exchanges is not covered by securities law. Although this ruling initially went in favor of Ripple, the outcome after review could be very different.
Lawsuit could take years
The case may drag on for years. Before the actual interrogation begins, there are some important dates to keep an eye on. According to renowned crypto lawyer Rispoli, the SEC will file its first appeal letter on December 2, 2024. However, the SEC is expected to request an extension, which would push the deadline to January 2025.
Ripple plans to launch a counter-offensive with a cross-appeal. The submission of opposition letters is expected around March 2025. According to Rispoli, it will likely be another year before oral arguments take place, likely sometime between September and October 2025. The final ruling from the Second Circuit Court is expected in the first quarter of 2026, possibly in March or April.
Impact on the XRP price
XRP was already experiencing a decline due to broader negative market sentiment, but the appeal announcement sharpened the downward movement, with it down 11% in the past week. Since 2018, the digital currency has struggled to match its all-time high (ATH). Many investors fear that the appeal could lead to another prolonged period of uncertainty, during which XRP fails to realize its full potential.
Source: https://newsbit.nl/sec-vs-ripple-tijdlijn-weer-een-gigantisch-lange-juridische-strijd-voor-xrp-in-het-vooruitzicht/
