Both Ripple lawyers and the Chief Legal Officer have commented on the latest developments in the XRP vs. SEC case. The SEC's appeal concerning the XRP sales decision has sparked widespread discussion.

SEC's Appeal and Its Grounds

The SEC has filed an appeal challenging the July 2023 ruling that partially favored Ripple. The agency specifically contests the court’s decision regarding XRP sales on digital asset platforms and other distributions, which were previously ruled not to constitute investment contracts. This move signals their steadfast stance on digital asset regulation.

Appeal Process and Timeline

The legal timeline is now in motion. By October 16, 2024, the SEC must file Form C detailing their appeal specifics. Ripple will then have seven days to respond with their own Form C, potentially introducing a cross-appeal to address additional legal considerations. Following these initial filings, the SEC has a 90-day window to submit their initial legal brief, indicating that these proceedings will extend well into the coming months.

Ripple's Legal Position

Ripple’s legal representatives were quick to address these developments. A Ripple lawyer confirmed that the SEC has submitted the Civil Appeal Pre-Argument Statement (Form C) with all necessary attachments, marking a procedural step in the appeal process.

The entire appeal process, possibly extending until July 2025, adds another chapter to a legal battle that began in December 2020. This ongoing case continues to shape how digital assets might be regulated in the U.S.