Ripple CLO Provides Crucial Update on Battle with SEC

Stuart Alderoty, Ripple's top lawyer, has told Fox Business that the U.S. Securities and Exchange Commission (SEC) is supposed to file its pre-argument statement (Form C) on Thursday. 

The form is expected to shed some light on the agency's appeal plans, which have been actively discussed within the community. 

As reported by U.Today, the formidable regulatory agency filed its notice of appeal earlier this month, causing a substantial XRP price drop.  

In the meantime, Ripple decided to strike back at the agency with its own cross-appeal. The company is expected to file its own Form C seven days after the SEC's filing. 

The parties will then have to discuss their briefing schedule. The SEC's first brief, which is supposed to describe the agency's legal arguments in great detail, would then arrive within roughly three months. The company will then respond to the agency with its own brief.  

Earlier, Alderoty stated that the agency would likely target the company's XRP sales on various trading platforms and other distributions. 

While Rippe executives appear to be confident that the SEC is inevitably to lose, the agency might still emerge victorious. 

As reported by U.Today, attorney Fred Rispoli recently opined that the SEC's victory odds would greatly depend on the judges who get assigned to the case. A panel of three judges that tends to agree with the government would be terrible news for Ripple, and the odds of its loss could skyrocket to up to 80%. 

The new court battle, which will include the full briefing process as well as oral arguments, could drag on until 2026.