The U.S. Securities and Exchange Commission (SEC) is approaching a critical deadline in its ongoing legal battle with Ripple Labs.
According to an update shared by Xaif (@Xaif_03) on X, the SEC has been ordered by the Court of Appeals for the Second Circuit to file its opening appeal brief no later than January 15, 2025. Xaif noted that failure to meet this deadline will result in the dismissal of the appeal.
Details of the XRP Lawsuit
On August 7, 2024, Judge Torres ruled that Ripple should pay $125 million as penalties, significantly lower than the $1.95 billion sum the SEC initially requested. While many in the crypto world believed the SEC would accept this ruling, the regulator formally initiated its appeal in early October.
The SEC filed a notice of appeal and later submitted a Form C outlining the issues it intended to contest. These include the classification of Ripple’s XRP sales on exchanges, XRP distributions to employees, and sales by co-founder Chris Larsen and CEO Brad Garlinghouse.
The SEC’s decision to challenge these aspects of the ruling drew significant attention from the cryptocurrency community. The regulator’s rationale has come under more scrutiny now, as major leadership changes are expected at the SEC shortly after the January 15 deadline.
This has led to speculation about whether the current administration, led by Gary Gensler, will file the brief or leave the matter unresolved for the incoming leadership.
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Legal Expert Weighs In on the SEC’s Strategy
Pro-XRP attorney Jeremy Hogan recently addressed the community’s concerns, expressing confidence that the SEC will file the appeal brief timely. He pointed out that the current administration remains responsible for the case until leadership changes take effect.
According to Hogan, this increases the likelihood that the brief will be submitted before the deadline. He, however, emphasized that filing the brief is merely procedural and will not determine the outcome of the appeal.
Hogan believes that the incoming SEC leadership will choose to settle the case or dismiss the appeal altogether, and the current administration’s actions will not affect this decision. According to Hogan, “An attorney is working hard on this brief as we speak, knowing that all his effort is probably for naught.”
This dismissal would align with the sentiment shared by experts in the crypto space, who expect the new administration to dismiss the Ripple lawsuit and other non-fraud lawsuits. If the regulator opts for a settlement, it would mark the conclusion of a prolonged legal dispute that has drawn global attention and set XRP free to dominate the market as investors expect.
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