The Monumental Turn in the Ripple vs. SEC Case:
The legal conflict between Ripple and the US Securities and Exchange Commission (SEC) continues to gain ground as one of the most impactful in the cryptocurrency industry. In this new chapter, the battle is anticipated to drag on until mid-2025, with both sides set to file detailed appeals and responses that could define the future of cryptocurrencies, not only in the US, but globally.
What's at stake?
The SEC has until today to file its long-awaited Form C, which will reveal the points it plans to appeal following the partial defeats it has suffered in the case. Ripple, for its part, will respond two weeks later with a cross-appeal, which will directly challenge the court's decisions on institutional sales of XRP, which the court deemed to be unregistered securities offerings.
But this isn’t just a case of a simple appeal and response. According to Stuart Alderoty, Ripple’s Chief Legal Officer, this process won’t see its end until at least 2025. The legal game is full of tactics to prolong the process, with the SEC using every available resource to buy time, such as the fact that it will have up to 90 days to file its first brief after initiating the appeal.
Ripple's Approach
What Ripple is seeking with its cross-appeal is to change the narrative regarding institutional sales of XRP. Alderoty has been emphatic in pointing out that there can be no investment contract unless there are specific rights and obligations, something the SEC has failed to demonstrate.
Ripple CEO Brad Garlinghouse has not minced words in criticizing the SEC, calling it a “renegade” for its constant attempt to stretch its jurisdiction over XRP, even after the court ruled against them on several key aspects of the case.
The Impact on the Crypto Industry
This case does not only affect Ripple. In fact, Garlinghouse has shown support for Bitnomial, which is also facing its own battle with the SEC over XRP futures contracts. The resolution of these cases will set an important precedent for the entire cryptocurrency ecosystem, especially in the area of futures contracts and digital asset regulation.
What's Coming
With 2025 as the ultimate goal for this process, the cryptocurrency industry will need to keep an eye on every turn in this titanic battle. The influence of this case will be felt not only in the XRP markets, but throughout the global crypto space. Decisions made over the coming weeks and months could reshape how cryptocurrencies are regulated and traded in the United States and the rest of the world.
