The legal saga between the U.S. Securities and Exchange Commission (SEC) and Ripple continues to captivate the crypto world. As the dust settles from the recent rulings, the question on everyone’s mind is whether the SEC will appeal the decision. Both Ripple and the SEC have a 60-day window from the final judgment to file any appeals, which means the deadline to act is rapidly approaching—October 7, to be exact.
Legal expert Jeremy Hogan recently weighed in on social media, outlining the potential implications of an appeal. According to Hogan, if the SEC decides to challenge the ruling, the case could drag on for an additional 12 months. The process is expected to unfold in several stages, each with its own set of delays and procedural intricacies.
On The Good Morning Crypto Show, attorney Fred Rispoli elaborated on Hogan’s insights, providing a detailed breakdown of how the timeline might play out. Here’s a snapshot of what could be in store:
Filing the Notice of Appeal: The initial step in the appeals process is for the SEC to file a notice of appeal. Following this, the Second Circuit Court will set a briefing schedule, typically commencing within 30 to 60 days of the appeal notice. This means the first set of briefs could be due around November or December 2024.
Ripple’s Cross-Appeal: If the SEC moves forward with an appeal, Ripple is expected to file a cross-appeal. This would challenge the portions of the case Ripple lost, ensuring that all issues are up for review by the appeals court.
Delays and Extensions: Both Ripple and the SEC have the option to delay the schedule by 30 days. According to Rispoli, this is a common tactic used to push back the deadlines for filing briefs. This means we might not see the initial briefs until early January 2025 at the earliest.
Further Extensions: Additional delays could arise from significant events, such as the upcoming U.S. elections or other major legal considerations. Ripple, for example, could request a 60-day extension to file its briefs, pushing opposition briefs to February or March 2025.
Oral Arguments: After briefs are filed, the court will schedule oral arguments. This stage could take an additional four to five months, potentially placing oral arguments around October or November 2025.
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Final Resolution: Once oral arguments conclude, the Second Circuit Court could deliberate for anywhere from three months to a year before reaching a final decision. Rispoli estimates that the earliest possible ruling could occur between January and April 2026.
As the clock ticks down to the appeal deadline, the cryptocurrency community and legal analysts alike are watching closely. The potential extension of this case could have significant implications for Ripple, the SEC, and the broader regulatory landscape for cryptocurrencies. Whether or not the SEC files an appeal, the road to resolution remains long and uncertain.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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