U.S. court mandates SEC vs. Ripple brief to be submitted by Jan 15
The U.S. Court of Appeals for the Second Circuit (2nd Circ.) has issued an order, stating that the brief on the SEC vs. Ripple case, involving the company’s executives, must be filed by January 15, 2025. In addition, the court has warned that it will dismiss the appeal if the SEC fails to meet this deadline.
James K. Filan, a defense attorney and former federal prosecutor, revealed that the SEC filed a scheduling notification with the Second Circuit regarding the case. The commission requested an extension until January 15, 2025, after missing the original deadline to submit an appeal brief.
The Second Circuit court approved the commission’s request, ordering them to file the brief by January 15, 2025. The court also stated that the appeal would be dismissed if the brief is not filed by that date.
The court has specified that no motions to extend the deadline or seek other relief would pause the filing process. The order was issued on November 1, 2024, at the Thurgood Marshall United States Courthouse in New York.
The SEC had initiated the appeal after Judge Analisa Torres ruled that Ripple had not violated securities laws in relation to its sales of XRP to retail investors. On October 18th, the commission filed a civil appeal pre-argument statement against Ripple, seeking to challenge Ripple’s programmatic XRP sales and its distribution of XRP to employees.
The Ripple community has accused the SEC of intentionally prolonging the legal battle until 2025. Many crypto enthusiasts expressed their frustrations on social media, claiming that the commission’s last-minute filings were designed to frustrate the defendants and the entire crypto community.
One user speculated that the regulator was trying to delay the inevitable outcome and expressed their anticipation for former U.S. president Donald Trump to dismiss SEC chair Gary Gensler and withdraw the appeal.
Ripple’s chief legal officer, Stuart Alderoty, and CEO Brad Garlinghouse have stated their confidence in winning the appeal. Alderoty wrote that the SEC’s strategy is to distract and confuse Ripple and the crypto industry, while Garlinghouse expressed optimism about the company’s chances in an interview.