Ripple Lawsuit: SEC Seeks New Deadline in Fresh Filing

10/25/2024 20:59

This request comes as both Ripple and SEC prepare for appeal in lawsuit

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In the latest development in the continuing battle between Ripple and the U.S. Securities and Exchange Commission, the SEC has requested a new deadline to file its principal brief in the ongoing appeal phase of the lawsuit.

According to James K. Filan, the SEC has asked for an extension until Jan. 15, 2025, to file its appeal brief. This request follows a series of procedural delays and missing deadlines, which have lengthened the case.

In a tweet, Filan informed the XRP community that "the SEC has requested that the deadline for filing its principal brief be January 15, 2025," while sharing the SEC's letter to the court effecting this request.

With the latest move, the appeals process might continue well into next year, with the crypto community eager for its outcome.

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, an XRP enthusiast and attorney, feels the SEC's recent move may signal that it is primarily about delay or that the SEC is not confident in its prospects. Morgan remarked that Judge Torres' judgment is increasingly garnering positive feedback in SEC cases involving exchanges.

Morgan went on to highlight the SEC's last-minute filings, noting that the SEC submitted its notice of appeal near the end of the 60-day period following Judge Torres' Aug. 7 final judgment. The agency likewise filed its Form C late last week, prompting speculation that it was a day late.

"Since the case started against Ripple in December 2020 the SEC has continually filed documents at the last moment and regularly sort extensions of time. Maximum delay in concluding the legal process," Morgan stated.

"Now the SEC wants maximum 3 months to file its brief, 5 months after the final judgment," Morgan added, wondering if this was the purpose for the appeal delay itself or if the SEC is not confident in its prospects.