Ripple's Legal Battle with the SEC Continues, Deadline Pushed to January 2025

Ripple's legal battle with the U.S. Securities and Exchange Commission (SEC) continues, with the SEC requesting yet another extension for its main brief

The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, with the SEC now pushing the deadline for its main brief submission to January 2025. According to legal analyst Fred Rispoli, this request hints at more than just logistical issues; it shows that the SEC is struggling with its resources in handling cryptocurrency cases, adding to an already packed agenda.

During his appearance on the “Good Morning Crypto Show,” Rispoli said that Ripple's appeal will focus exclusively on written submissions, characterizing the situation as a “battle of briefs” rather than live courtroom confrontations. Oral arguments are expected to take place in late 2025, providing both parties an opportunity to strengthen their positions.

However, former SEC attorney Marc Fagel countered Rispoli's assessment, asserting that the SEC merely selected a date to file its briefs within the established timeline and that there are no delays occurring.

Taking to his X handle, Rispoli wrote,

“False. The SEC simply picked a day to file their briefs within the allocated time period. Nothing is being delayed.”

Both parties in the Ripple lawsuit are now awaiting a decision from the Second Circuit Court of Appeals, which will determine whether or not to grant Ripple's appeal. If the appeal is granted, the case will proceed to the appellate level, where both Ripple and the SEC will have the opportunity to submit written briefs and participate in oral arguments before a panel of judges.

If the Second Circuit denies Ripple's appeal, the lower court's decision will stand, and Ripple will have exhausted its options for further legal recourse. In this scenario, the SEC will likely proceed with its efforts to collect the billions of dollars in civil penalties that were awarded by the court.

Meanwhile, several key developments are expected to unfold in the coming months, which could potentially impact the outcome of the Ripple lawsuit.

Gary Gensler, New Laws and More

On the show, Fred also discussed how a new law could affect Ripple. If a law were passed stating it would start on January 1, 2026, it might make the current legal arguments irrelevant, as long as it clearly includes Ripple. If the law is unclear about Ripple's status, the appellate court might send the case back to the trial court for more clarification.

Fred said that new SEC leadership could greatly impact Ripple's lawsuit. Regarding Gary Gensler, the current SEC chairman, Fred predicted there's a “0% chance” he’ll still be in that role by 2026.

The above is the detailed content of Ripple's Legal Battle with the SEC Continues, Deadline Pushed to January 2025. For more information, please follow other related articles on the PHP Chinese website!