- Ripple seeks an April 16, 2025 deadline to file its cross-appeal brief against the SEC.
- The ongoing Ripple vs. SEC lawsuit began with SEC’s allegations in December 2020.
- Ripple challenges parts of a court decision favoring the SEC on XRP sales.
Ripple Labs requested the U.S. Court of Appeals for the Second Circuit to set an April 16, 2025, deadline for filing its cross-appeal brief in its ongoing legal battle with the SEC. This development suggests that the time observers had expected the case to be concluded has been extended.
Extended Legal Proceedings
In the recent court filing, Ripple presented the schedule it wants to follow in the case, with the brief to be submitted by mid-April. This request agrees with others made by the company’s Chief Executive Officer, Brad Garlinghouse, and Chris Larsen, its Executive Chairman, who are key actors in the case.
The legal team stated that this timeline is important for the company to develop a sufficient defense to the SEC’s claims. This was first presented in the December 2020 lawsuit, where the SEC accused Ripple of conducting securities sales without registration when it sold its XRP.
The litigation takes a complex turn as Ripple seeks to challenge parts of a district court’s decision that favored the SEC. Last year, the court concluded that certain institutional sales of XRP were investment contracts, hence securities transactions, leading to a substantial fine against Ripple and restrictions on its future sales.
Ripple and SEC’s Strategic Legal Moves
As Ripple prepares its appeal, the SEC remains active, having already submitted its opening brief per the court’s previous schedule. The back-and-forth in court filings highlights the intricate legal strategies both parties employ as they navigate cryptocurrency’s regulatory landscape.
Legal experts watching the case, like Jeremy Hogan of Hogan & Hogan, suggest that these procedural requests are standard yet pivotal for the case’s progress. The outcome could potentially influence how digital assets are regulated and treated under U.S. securities laws, affecting the crypto market’s broader implications.
Moreover, the changing leadership within the SEC and adjustments in the regulatory approach to cryptocurrencies under the current administration could play a critical role in the direction and resolution of the lawsuit.
