The ongoing legal battle between crypto payments company, Ripple ,and the USA Securities and Exchange Commission (SEC) is taking one other significant step forward this week. Each parties are preparing to take the subsequent move forward with their appeal process. This development could have far-reaching implications on not only Ripple, however the XRP price and the crypto industry as a complete.
Next Developments And Key Deadlines In The Ripple And SEC Lawsuit
Based on Fox Business journalist, Eleanor Terrett, today marks a vital date for the upcoming developments within the Ripple versus SEC legal battle. Based on the Court’s instructions, October 16 is the ultimate deadline for the US SEC to file a Form C. As a part of the technique of legal appeals, a Form C is a procedural filing that outlines the small print of what a celebration intends to appeal.
Terrett revealed in an X (formerly Twitter) post that the SEC’s Form C will provide critical details regarding its planned appeal of Judge Analisa Torres’ July 2023 court ruling, which found that programmatic sales of XRP weren’t classified as securities.
Likewise, Ripple is ready to follow the SEC’s appeal movement shortly. The corporate will file a Form C of its cross appeal inside seven days of the regulator’s filing. That’s, if the SEC files a Form C today, the crypto firm is prone to file its own sometime in the approaching week.
Ripple’s filing is anticipated to stipulate its counterarguments, detailing the scope of the cross-appeal. After the submission of each Form C’s, Ripple and the SEC will then negotiate a briefing schedule, after which the regulator can have as much as 90 days to file its first legal temporary.
Prolonged Legal Battle Could Impact XRP Price
Terrett has revealed that the updates regarding the timeline of the Ripple and SEC appeal process were provided by Ripple’s Chief Legal Officer (CLO), Stuart Alderoty in a lengthy conversation.
Alderoty has suggested that the SEC will likely take the total 90 days before it submits its first legal temporary. This implies that the regulator could also be aiming to increase the appeal process for so long as possible. The opening temporary might be a full recitation of all of the legal arguments the SEC intends to make against Ripple and the Court’s favorable ruling in July 2023.
Following the SEC’s first temporary, Ripple can have the chance to reply and likewise counteract the SEC’s arguments. Based on Alderoty, the total briefing process between Ripple and the SEC is anticipated to stretch into July 2025.
Which means that ranging from December 2020, when the regulator first filed its lawsuit against Ripple, the legal battle is now poised to increase over 4 years, with the possibility of reaching five years if a resolution will not be reached. This elongated legal battle could have severe consequences on XRP price, which is already in a state of stagnation ever because the SEC filed its lawsuit.
The cryptocurrency has been trading across the $0.5 mark for years, only seeing slight upticks to $0.6 when market conditions turn into more favorable. Nonetheless, this price increase is all the time short-lived as XRP often declines to the $0.5 mark once more.
Featured image created with Dall.E, chart from Tradingview.com