The U.S. Securities and Exchange Commission is yet to file its Form C with the Second Circuit.
In this specific form, the agency is supposed to detail what issue it wants to appeal.
For now, it is not immediately clear whether or not the SEC will actually take aim at the summary judgment from July 2023. Back then, Ripple secured a significant win, with the judge recognizing the XRP token as a non-security when it comes to its secondary sales.
As reported by U.Today, the SEC filed its appeal on Oct. 2, pushing the price of the leading cryptocurrency significantly lower.
Alex DovbnyaWhile commenting on the news, Ripple CEO Brad Garlinghouse did not mince words, describing the appeal as "infuriating" and seemingly accusing the agency of corruption. At the same time, he stated that the company was determined to continue its legal battle with the SEC despite spending more than $200 million in legal fees during its first installment.
According to Stuart Alderoty, Ripple's top lawyer, the company also does not rule out cross-appealing. However, it seems like such a decision is yet to be made. Ripple is currently in the process of assessing its options. The company has two weeks to file its cross-appeal.
Legal expert Fred Rispoli recently wrote in his social media post that an SEC brief is likely due by early December. An oral argument is expected to happen only in late 2025. A ruling will be handed down around April 2026, according to Rispoli.
Meanwhile, the XRP price continue to struggle, dipping by 0.9% over the past 24 hours. The token experienced a double-digit drop earlier this week following the SEC's appeal.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team