Ripple Case Update: New SEC Filing Deadline
The United States Court of Appeals for the Second Circuit has recently made a significant ruling in the ongoing XRP lawsuit involving the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. This ruling has set a firm deadline for the SEC’s next steps in the case. According to this new directive, the SEC is required to submit its appellate brief by January 15, 2025. This decision highlights the court’s emphasis on adherence to procedural timelines.
Details of the Court’s Directive
Issued on October 31, 2024, the court’s order explicitly states: “It is HEREBY ORDERED that Appellant-Cross-Appellee’s brief must be filed on or before January 15, 2025. The appeal is dismissed effective January 15, 2025, if the brief is not filed by that date. A motion to extend the time to file the brief or to seek other relief will not toll the filing date.” This strict instruction underscores the potential consequences of not adhering to the deadline, which could result in the dismissal of the SEC’s appeal.
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Background on Recent Controversies
This latest court order follows a period of intense scrutiny regarding the SEC’s filing of Form C, a document that outlines the specific issues the agency plans to raise on appeal. Within the XRP legal community, there was significant debate over whether the SEC had met the deadline for this critical filing. Fortunately for the SEC, it managed to submit Form C just before the contested deadline on October 17, 2024, despite discussions about whether the actual deadline was October 16 or 17. Missing this deadline could have jeopardized the appeal process, though legal experts note that courts often allow federal agencies some leeway to amend procedural errors.
Reactions from Legal Experts
The court’s order prompted notable reactions from legal professionals engaged with the XRP community. Pro-XRP attorney Bill Morgan remarked on social media platform X: “At least the consequences for not meeting this deadline are clear.” Similarly, commercial litigator and Bitcoin advocate Joe Carlasare commented, “This is the standard order.” Carlasare’s observation suggests that while the directive is strict, it is consistent with typical procedural requirements in appellate cases, separate from the SEC’s previous Form C filing issues.
Potential Political Influences
Adding another layer of complexity to the case is the upcoming US presidential election, which could significantly impact the SEC’s strategy. If former President Donald Trump wins against Vice President Kamala Harris, there might be a shift in regulatory leadership. At the Bitcoin 2024 conference, Trump boldly stated that he would dismiss SEC Chair Gary Gensler on his first day in office. This has sparked speculation that a new SEC chair under a Trump administration might decide to drop the case against Ripple before the January 15 deadline. Conversely, if Trump is unsuccessful, the next significant date in the Ripple vs. SEC saga remains.
Ripple’s Current Market Status
As of the latest market update, XRP’s trading value stands at $0.5117. The cryptocurrency’s price has recently fallen below the 200-week Exponential Moving Average (EMA), according to the 1-week chart analysis sourced from XRPUSDT on TradingView.com.
