Attorneys Kristi Warner and James Murphy (@Metalawman) sat down to discuss the SEC’s recent appeal. For the unversed, the SEC decided to challenge Judge Torres’ ruling from 2023, leading to widespread frustration. Now, the big question is whether Ripple will file a cross appeal.
James explained that Ripple has two weeks to file their notice of cross appeal. After this initial filing, they’ll have additional time to determine which specific issues they wish to appeal. In his view, there’s minimal downside to this approach. It not only applies pressure on the SEC but also highlights the real risks the agency faces.
The cross appeal could potentially overturn parts of Judge Torres’s ruling, especially regarding the classification of certain contracts. If successful, this might eliminate any penalties tied to securities violations. The stakes are high, and the potential for Ripple to influence the case dynamics is significant.
When submitting a brief as an appellant—the party that initiates the appeal—Ripple has up to 90 days from receiving the transcript to file their brief. They can choose the exact day to submit, which adds flexibility to their timeline. Following Ripple’s brief, the opposing party has two weeks to respond, and then Ripple has a further 21 days for a reply. This process can extend well over a year, with various opportunities for additional briefs, including amicus curiae submissions from industry players.
Given the importance of the Ripple case, it’s expected that various stakeholders in the crypto industry, including Coinbase, will file briefs to support Ripple. This could delay the proceedings, as these external inputs are given considerable weight by the court.
James predicts that the final decision in the Ripple case may not come until the first quarter of 2026. After the briefing is complete, it could take several months before oral arguments are held, followed by an uncertain period for the judges to issue their ruling. Factors such as political changes and potential regulatory shifts could also impact the timeline, possibly accelerating or altering the case’s progression.
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