Ripple CLO breaks its silence on SEC filing, here’s what’s next

Contrary to general public expectations, the US Securities and Exchange Commission (SEC) filed its long-awaited Form C on October 17th. This filing formally appeals the XRP lawsuit, a move that many in the industry are once again protesting. Stuart Alderoty, Chief Legal Officer (CLO) of Ripple Labs, commented on this and hinted at the company’s next steps.

Ripple Form C is coming next week

As Alderoty noted, the market regulator’s filing is not surprising. However, he clarified that the court’s ruling that “XRP is not a security” remains state law as the SEC has not appealed that ruling.

He confirmed that the blockchain payments company will file Form C next week, without an exact date. Previously, legal experts who followed the case had already given clues about the sequence of events.

The briefing process begins after both sides submit their Form C documents. This phase may last approximately three months and extend into the first quarter of 2025. Based on the projected timeline, this appeal will likely take up to a year or more before a decision is made.

XRP advantage

Many in the XRP ecosystem feared that the market regulator might challenge XRP’s Form C securities status. However, this is not the case, giving XRP a huge advantage as the appeal process continues.

The lawsuit dragged on since December 2020 and had a significant impact on the price performance of XRP. Since the coin has already found balance, experts following the case noted that XRP holders do not have much reason to worry.

At the time of writing, the price of XRP has settled at $0.5502, down 0.45% in 24 hours. However, the coin saw a slight growth of 2.8% over the past week amid increased volume.