Ripple’s CLO Stuart Alderoty Lays Out Timeline and Steps for SEC Vs. Ripple Appeal

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Following the final Ripple versus SEC lawsuit judgment, both parties have announced their intentions to appeal the verdict. 

However, the steps and timeline for the appeal proceedings have not yet been revealed. Ripple’s CLO Stuart Alderoty highlighted the timeline and steps for the appeal.

Timeline and Steps for SEC Vs. Ripple Lawsuit Appeal

The SEC and Ripple have filed notices of appeal, declaring their intentions to challenge Judge Analisa Torres’ judgment in their long-running legal battle.

Ripple wants to contest the verdict that its sales of XRP to institutions constitute investment contracts. Meanwhile, the SEC is supposedly challenging the ruling that Ripple’s programmatic distribution of XRP does not constitute investment contracts.

The crypto community has been awaiting updates regarding when the appellate proceedings will begin and what steps both parties will take to present their case.

In an X post, FOX Business correspondent Eleanor Terrett revealed the steps and timeline of the SEC/Ripple lawsuit appeal proceeding.

🚨NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline.

📌The @SECGov’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.

📌Seven days later, Ripple will file its own Form…

— Eleanor Terrett (@EleanorTerrett) October 15, 2024

Terrett mentioned that she had a “great chat” with Alderoty, who revealed a rundown of the appeal’s timeline. According to the journalist, the first step is for both parties to file their Form C, a legal document highlighting the aspect of the case they want to appeal.

The SEC has until Wednesday, October 16, to file its Form C. Meanwhile, Ripple is expected to file Form C seven days after the agency’s filing. This document will reveal details of the company’s cross-appeal.

Recall that Ripple’s CLO Stuart Alderoty had mentioned that the company wants to ensure nothing is left on the table through the cross-appeal. This suggests the firm will fight to overturn part of the ruling that says its institutional sales of XRP are investment contracts. 

After the Form C filing, both parties will agree on the briefing schedule. According to Terrett’s tweet, the SEC will be given up to 90 days to file its first brief.

Alderoty believes the SEC would probably take 90 days to file its appellate brief. The opening brief will capture the SEC’s legal argument during the lawsuit. 

After the SEC’s first brief, Ripple is expected to file a response and then submit its opening cross-appeal brief. According to the Ripple CLO, the entire appellate briefing process will continue till July 2025.

When Will the Ripple Versus SEC Lawsuit End?

Legal experts like Jeremy Hogan and Fred Rispoli believe the Court of Appeals might issue a verdict on the case in early 2026. However, if both parties agree to end the dispute before then, the case might end sooner.

Initial thoughts on the SEC Appeal:

1. Big mistake by the SEC. It will appeal the programmatic sales ruling and IF it wins, it will get more money from Ripple and have protected no one. Ripple will raise its "Blue Sky" law issue and, if it wins, the SEC's ability to regulate…

— Jeremy Hogan (@attorneyjeremy1) October 3, 2024

Some community members believe the dispute might end if a pro-crypto presidential candidate like Donald Trump wins the upcoming election. Others believe the lawsuit will no longer be relevant or vital once the election ends.

One X user, Vincent Van Code, said, “And a reminder that this case will lose its teeth once elections are over.” Another X user, Spike Proton, believes the case will continue regardless of who wins the election.

This case will run its course through the courts regardless of who wins the election.

— Spike Proton (@ilikeportals2) October 15, 2024

Vincent Van Code believes the lawsuit would not need to continue if either party (Trump or Harris) keeps their promise of embracing crypto after winning.

Well for one, both parties are promising to embrace crypto. Of course they might do an about face.

50M voters hold crypto remember.

Senator Warren is also at risk of losing her seat; she has been one of the leading supporters of Operation [crypto] Chokepoint 2.0.

My…

— Vincent Van Code (@vincent_vancode) October 16, 2024

Ripple and the SEC seem to be preparing for another intense legal battle. Therefore, it remains uncertain whether they will reach a consensus to end the lawsuit sooner or continue till 2026.