The United States Court of Appeals for the Second Circuit has ordered the Securities and Exchange Commission to file its brief in its long-lasting case against Ripple before Jan. 15, 2025. 

While the SEC has already revealed what it was going to appeal, it will present detailed legal arguments in their opening brief. These arguments will be supported by citations to legal authority.  

As reported by U.Today, Ripple recently filed a pre-argument statement (Form C) for its own cross-appeal. 

It is worth noting that the SEC is not going to challenge the regulatory status of the XRP token during the appeal process. As noted by Stuart Alderoty, Ripple's top legal mind, XRP and Bitcoin (BTC) are the two cryptocurrencies that are not classified as securities. This sets them apart from the vast majority of other cryptocurrencies that continue to suffer from regulatory uncertainty. 

The record has already been set in the Ripple v. SEC case, meaning that no new evidence can be submitted or requested by the agency. During the discovery phase of the case, the parties would routinely fight over various documents. 

The Appeals Court is expected to hand down its ruling in early 2026, according to legal expert Fred Rispoli. 

The Appeals Court is expected to hand down its ruling in early 2026, according to legal expert Fred Rispoli.