The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has reached another pivotal moment as the deadline for the SEC to submit its Form C filing falls on October 16. This document is critical, as it will detail the specific points the SEC plans to challenge in its appeal against Ripple. Following this, Ripple will have seven days to provide its own version, outlining the issues it seeks to highlight in its cross-appeal. The content of both filings will lay the groundwork for the strategies each side will pursue as the case advances into a potentially prolonged litigation phase.
The crypto community, particularly supporters of XRP, is closely monitoring this development, with widespread discussions taking place across social media. Thereâs speculation about the potential consequences should the SEC fail to meet todayâs deadline. Although such a failure might lead to delays or undermine the SEC's position, most expect the regulatory body to submit the filing on time, given the gravity of the case. A recent query to ChatGPT about this scenario revealed that missing the deadline would not result in an immediate resolution. Instead, Ripple would await the SECâs next steps, and while a delay could weaken the SECâs case, the legal proceedings would continue.
Rippleâs Chief Legal Officer (CLO) recently provided insight into what to expect after both parties have submitted their respective filings. The two sides will work together to establish a timeline for submitting their legal briefs. The SEC will have up to 90 days to file its opening brief, which will outline its key legal arguments. Based on Rippleâs expectations, the SEC is likely to take the full 90 days, meaning its submission could come by mid-January 2025.
