Ripple has 14 days from October 3 to file a counter-appeal following the US Securities and Exchange Commission’s (SEC) decision to appeal the case.
For context, the US SEC filed a notice of appeal on Wednesday, declaring its intentions to contest US District Judge Analisa Torres’s August 7 ruling. Notably, the filing didn’t specify exactly what the US top regulator was appealing from the judgment.
The SEC Yet to Fill Form C With Appeal Court
According to FOX Business journalist Eleanor Terrett, the aspect of the ruling that the SEC is appealing is not yet defined because it has not filed the Form C form with the US Court of Appeals for the Second Circuit.
Form C is a legal document in which an appellant provides the full details of the appeal case brought forward. The form requires the plaintiff to fill out details like who the defendant is, the jurisdiction of the appeal, and the nature of the suit.
Form C Sample
Moreover, Terrett noted that the SEC is required to fill out Form C so Ripple can decide its next course of action. It bears mentioning that the legal representatives of Ripple are considering filing a counter-appeal.
However, they are looking to grasp which aspect of the judgment the SEC was appealing. Notably, Judge Torres ruled on several arguments in the years-long case, including the programmatic sales of XRP, sales of XRP to primary and secondary investors, and the status of the XRP token. The judge also reduced the penalty imposed on Ripple for violating securities laws.
Ripple Has Until October 17 to Counter-Appeal
While Ripple waits for the SEC to fill out Form C, Terrett confirmed that the firm has until October 17 to counter-appeal the case.
Meanwhile, Pro-XRP lawyer Fred Rispoli has given a possible timeline for the conclusion of the appeals saga. According to him, the Second Circuit will probably rule on the SEC’s appeal by late 2025 or early 2026.
However, the appeal decision has had a short-term implication on XRP as the asset has corrected by over 10% since the filing. Nevertheless, analysts remain bullish on the XRPL native token, tipping the coin to replicate the feat seen in 2020, when the SEC filed a lawsuit against Ripple.
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