Ripple Lawsuit: SEC Seeks New Deadline in Fresh Filing

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As a seasoned analyst with decades of experience in the financial industry and a keen interest in digital assets, I find myself closely following the intriguing saga between Ripple and the U.S. Securities and Exchange Commission (SEC). The latest development – the SEC’s request for an extension until January 15, 2025, to file its appeal brief – has left me somewhat amused yet intrigued.

As a researcher, I’m following the latest updates on the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission. Notably, the SEC has asked for an extended deadline to submit their main argument in the appeal stage of the lawsuit.

Based on James K. Filan’s recent tweet, it appears that the SEC has asked the court for more time, extending their deadline to file their appeal brief until January 15, 2025. This extension comes after a string of procedural setbacks and missed deadlines, which have contributed to the prolongation of this case.

The Securities and Exchange Commission (SEC) has asked for an extension until January 15, 2025, to submit their main argument in the ongoing case between them and Ripple, regarding XRP. (#XRPCommunity #SECGov v. #Ripple #XRP)

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 24, 2024

The ongoing appeals process could stretch deep into the following year, leaving the cryptocurrency community on edge, hoping for a swift resolution.

In the most recent development, Ripple has filed the Civil Appeal Pre-Argument Statement (Form C) in the U.S. Court of Appeals for the Second Circuit, challenging some elements of a key ruling in its legal struggle with the Securities and Exchange Commission.

The move comes a week after the SEC filed its Form C with attachments, challenging specific portions of a 2023 court judgment that partially favored Ripple in its sale of XRP to investors.

XRP community reacts

The XRP community has reacted to the latest developments in the lawsuit.

Bill Morgan, a passionate advocate for Ripple (XRP), and an attorney, suggests that the Securities and Exchange Commission’s (SEC) latest action might indicate they are more focused on delay or that they have doubts about their case’s success. Morgan noted that Judge Torres’ decision is receiving growing praise in SEC cases concerning exchanges.

Morgan pointed out that the SEC made its filings at the eleventh hour, mentioning that they submitted their notice of appeal towards the end of the 60-day window after Judge Torres’ August 7 final verdict. Similarly, the agency recently filed their Form C, which has sparked some discussion due to it being a day late.

Ever since the lawsuit against Ripple was initiated in December 2020, the SEC has a history of filing papers just before the deadline and frequently requests additional time extensions. As a result, the legal process is taking a considerable amount of time to be resolved,” Morgan expressed.

Morgan noted that the SEC has proposed a deadline of up to 3 months to submit their brief, which comes five months following the final verdict. He wonders if the prolonged appeal delay serves the SEC’s purpose, or perhaps they are uncertain about the outcome of their case.

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2024-10-25 17:20