The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is about to enter a crucial phase. This new phase will officially start when the SEC files its pre-argument statement.
The SEC recently decided to appeal a 2023 federal court ruling that did not classify XRP tokens as securities, favoring Ripple instead. Ripple’s Chief Legal Officer, Stuart Alderoty, suggested that the SEC might submit its pre-argument statement (Form C) this Thursday.
Here’s what you need to know about this development—dive in!
Right now, there is no clear indication of what the SEC’s approach will be in this legal battle. The pre-argument statement, which is expected to be filed on Thursday, will give enough insights into the appeal plan of the agency.
Ripple is prepared to respond vigorously. The company’s legal team has confirmed plans to file its Form C in response to the SEC’s appeal. According to recent reports, Ripple’s cross-appeal will be submitted within seven days of the SEC’s filing. The confidence shown by Ripple’s legal team suggests they believe they have a strong case. Additionally, many crypto enthusiasts are framing Ripple’s fight against the SEC as a noble effort to defend the rights of the cryptocurrency community, gaining significant support.
Once both parties file their initial forms, the briefing session will begin, allowing each side to present its arguments. Initially, the SEC will present its case, followed by Ripple’s response. Reports indicate that the SEC’s first brief is expected within three months.
Although Ripple appears far more confident than the SEC about emerging victorious, a recent statement by Fred Rispoli indicates that no chance can be ruled out completely. As per Rispoli’s opinion, the outcome could heavily depend on which judges are assigned to the case. He warned that if Ripple faces a judge panel favorable to the government, the company’s chances of losing could increase dramatically.
In conclusion, it is less likely to see the final outcome of this legal battle between Ripple and the US SEC before 2026. Should the political climate in the US shift during this time, the outcome could become even more unpredictable.
Stay tuned to Coinpedia for more updates!
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