As a seasoned crypto investor with over a decade of experience navigating the ever-evolving landscape of digital assets, I find myself closely following the ongoing legal battle between Ripple Labs and the SEC. The latest developments have certainly piqued my interest, as Attorney Fred Rispoli’s insights suggest that Ripple might just come out on top in this prolonged saga.
The legal battle between the SEC and Ripple Labs is growing more intense, with attorney Fred Rispoli suggesting that Ripple might emerge victorious in this ongoing case. Interestingly, the SEC is now seeking to postpone the deadline for submitting its main argument until January 15, 2025.
More recently, lawyer Fred Rispoli elaborated, “The Securities and Exchange Commission frequently requests postponements not just for delaying purposes, but because it’s often overburdened with numerous ongoing cases.
Rispoli: Ripple Appeal Hinges on Paperwork, Not Trial
As a crypto investor speaking on the “Good Morning Crypto Show”, I had the opportunity to listen to Attorney Fred Rispoli clarify that appeals primarily involve paperwork rather than fresh trials or evidence presentation. Both parties are expected to submit three key documents: an opening brief, an opposition brief, and finally, a reply brief.
Here, both the SEC and Ripple have filed appeals against each other’s positions. Following these submissions, the court will arrange for oral hearings. This process gives both parties an opportunity to argue their case in front of a judicial panel consisting of three members.
In simpler terms, the Securities and Exchange Commission (SEC) has asked for a specific date by which they must submit their main argument in the appeal they’ve filed against Ripple.
According to Fred Rispoli, the SEC’s extension request matches his anticipated schedule for the appeal. He anticipates that oral arguments, tentatively scheduled for September or October 2025, may offer early insights into the judges’ views. These initial impressions could potentially indicate the ultimate decision in the case.
The dates might move even later if additional extensions are granted, which is a common practice in the Ninth Circuit.
Amicus Briefs Taking Center Stage in Crypto Cases
According to Rispoli, amicus briefs will significantly contribute to the appeal process. These documents submitted by third parties might introduce fresh perspectives that could potentially alter the case outcome. He emphasized that appellate judges should give due consideration to these briefs, as they are likely to be more prevalent and influential compared to the district court level.
As a researcher, I often find myself compiling an “amicus curiae” brief – a document submitted to the court by parties not directly involved in the case. The purpose of this brief is to offer policy perspectives or additional context that supports specific arguments being made. These insights can significantly influence critical decisions. In my experience, amicus briefs are frequently used in Supreme Court cases, but they are less common in trial and federal appellate cases.
Contrary to the general decrease, crypto-related litigation has shown an upward trend instead. For a point of comparison, 14 amicus briefs were submitted in the Ripple case, six in Coinbase’s case, and eight separate entities presented briefs in Grayscale’s case.
Could Gensler’s Departure Change the Fate of Crypto?
As a researcher, I’ve recently observed Rispoli expressing critical views towards SEC Chair Gary Gensler. He posits that a shift in leadership could drastically influence crypto regulation. Interestingly, he predicts that Gensler might be stepping down, irrespective of the 2024 election results. This implies that the choice of his successor will hold substantial significance for the future of the industry.
When questioned about whether a new law might make the SEC’s case redundant, Rispoli clarified that such a well-defined statute would most likely achieve this outcome.
If the new crypto legislation is approved by Congress before the end of this year and takes effect on January 1, 2025, Ripple’s legal team plans to submit a notice emphasizing the connection between the new law and their ongoing case in the Second Circuit Court.
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2024-10-27 03:43