The crypto community is following the Ripple vs. SEC case closely, with today, October 16, being an important day because the SEC has to file Form C. This filing is critical because it outlines the specific aspects of the case that the SEC intends to challenge on appeal.
Once the SEC files its Form C, Ripple will have seven days to file its own version, presenting the company’s perspective and the points it plans to address in a cross-appeal. Both documents will shape the arguments and strategy that both sides will follow in the protracted legal battle, which is expected to continue for a long time.
The case has sparked much discussion on social media, with XRP supporters and crypto enthusiasts sharing opinions and speculating on possible outcomes. One question circulating is what could happen if the SEC doesn’t meet today’s deadline. Missing this filing date could cause a delay or even weaken the SEC’s position, although many expect the agency to adhere to the deadline given the high stakes involved.
A user asked the same question to ChatGPT and the response was: “If the SEC misses today’s deadline, the case will not automatically end. It would cause delays and Ripple would still be waiting for the SEC’s next move before deciding on a cross-appeal. Missing the deadline may harm the SEC’s position, but will not close the case.”
Ripple’s CLO reveals what’s next
After both parties have submitted their Form C application, they will work together to set a schedule for the filing of the legal briefs. The SEC will then have up to 90 days to file its opening brief, outlining the key legal arguments. Ripple’s legal team expects the SEC to use the full 90-day period, which would likely put the filing in mid-January 2025.