The legal case will last until July 2025

The US Securities and Exchange Commission (SEC) filed an appeal on Thursday regarding the case of Ripple (XRP). This high-profile case continues to attract public attention, and the results could have far-reaching implications.

However, it had little impact on the price of XRP.

SEC files appeal in long-running Ripple (XRP) case.

According to a filing Thursday with the Court of Appeals for the Second Circuit Court of Appeals, the SEC filed a Form C in the Ripple case, appealing the final ruling on Aug. 7, 2024. This decision found Ripple guilty of additional violations of Section 5 of the Securities Act of 1933 and imposed an estimated $125 million in civil penalties against Ripple.

Read more: Ripple vs. Everything you need to know about the SEC

The regulator wants the Court of Appeals to review whether Judge Analisa Torres' landmark ruling in favor of XRP was wrong on July 13. Ripple managers Brad Garlinghouse and Chris Larsen's personal deals and sales of XRP have also come under question. The US SEC requires all of these cases to be reviewed “de novo,” meaning from the beginning.

Ripple's lawyer, James K. Filan, confirmed the filing, which will extend the already long and complex legal battle.

As BeenCrypto reported before the latest appeal, several legal experts have recently weighed in on the case. Judge Torres argued that the fact-based ruling weakened the SEC's grounds for appealing the program sale.

However, the Second Circuit's future decision could also affect Ripple's operations. For now, however, the stacking of this issue is slowing developments in the broader market, including XRP ETF prospects.

The next step in Ripple vs. SEC case after regulatory filing

Setting the timeline for the process, Ripple CLO Stuart Alderoty said the lawsuit could be extended until July 2025. Speaking to Fox Business reporter Eleanor Terrett, Alderoty indicated that Ripple will present its own Form C, listing the arguments for the cross-appeal. This will happen seven days after the SEC submits it, which means sometime next week.

After Ripple submits the Form C, both parties agree on a summary schedule. The SEC will have up to 90 days to file its opening brief. Alderoty said it expects the SEC to use the full 90 days to file a comprehensive report on its legal disputes.

Ripple then files a response and brief of its own, beginning an extensive debriefing process. These series of filings represent a long and complex legal battle. For now, however, the XRP community will wait for Ripple's form C.

Amidst these uncertainties, the price of XRP remains stable. In the last 24 hours, the token has decreased by only 0.8%, currently trading at $0.5498.

“Nothing surprising here – it's made clear again. The court's ruling that “XRP is not a security” is not being appealed. The decision is according to the law of the country. Expect Ripple's Form C to be filed next week,” Alderoty pointed out.

Read more: How to buy XRP and everything you need to know

However, this ongoing legal battle goes beyond Ripple or XRP. It could have broader implications for the industry by influencing the broader debate over crypto classification and regulatory status.