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Against the general expectations of the public, the United States Securities and Exchange Commission (SEC) filed its long-awaited Form C on Oct. 17. This filing officially sets its appeal in motion in the XRP lawsuit, a move many in the industry are protesting again. Ripple Labs’ Chief Legal Officer (CLO) Stuart Alderoty has commented on this, hinting at the company’s next moves.
Ripple Form C to come next week
As Alderoty noted, the filing from the market regulator is not surprising. However, he clarified that the court’s ruling that "XRP is not a security" remains the law of the land, as the SEC did not appeal this verdict.
Gamza KhanzadaevHe confirmed that the blockchain payments firm will file Form C next week without an exact date. Before this time, legal experts following the case have hinted at the series of events that will follow.
The briefing process will commence after both sides have filed their Form C documents. This stage may last about three months and extend into the first quarter of 2025. Based on the projected timeline, this appeal will likely last up to a year or more before a ruling is made.
XRP advantage
Many in the XRP ecosystem were worried that the market regulator might contest XRP's securities status in its Form C. However, this is not the case, giving XRP a major advantage as the appeals process unfolds.
The lawsuit dragged on from December 2020 and has impacted XRP's price performance in no small way. With the coin already finding a balance, experts following the case noted that XRP holders do not have much to worry about.
Alex DovbnyaAs of writing time, the price of XRP has flattened out at $0.5502, down by 0.45% in 24 hours. However, the coin has retained mild 2.8% growth over the past week amid boosted volume.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin