The SEC requests that the brief be filed by January 15, 2025. The XRP community’s concerns that this request is a delaying tactic have been countered by citing procedural rules. A potential change in SEC leadership could significantly change the course of the lawsuit against Ripple.
XRP is at the center of significant action by the US Securities and Exchange Commission (SEC) in its ongoing lawsuit against Ripple. The committee requested that the deadline for submitting the main complaint brief be January 15, 2025. This information was revealed through a screenshot shared with X yesterday by prominent defense lawyer James Phelan. The SEC’s complaint was filed with Catherine O’Hagen Wolf, Clerk of the Court of Appeals for the Second Circuit.
The SEC’s request is timely, following its recent pre-argument statement outlining the issues it intends to appeal regarding Judge Annalisa Torres’ ruling regarding Ripple’s programmatic sales and other distributions of XRP. It is. At this time, the Second Circuit has not yet issued a decision regarding the SEC’s appeal schedule.
XRP community reaction
Some members of the XRP community have expressed concern and speculated that the SEC’s request is a tactic to delay resolution of the lawsuit. However, Sherrie, a prominent figure in the XRP community, refuted these claims. She contends that the requested deadline is consistent with the 91-day deadline set forth in Local Rule 31.2.
This rule requires appellants to notify the court clerk of the desired deadline for filing an appeal brief. If the SEC does not comply with this requirement, the Second Circuit automatically sets a deadline of 40 days after the “ready date.” This filing from the SEC indicates strategic intent, not just a tactic to delay litigation.
Legal expert Jeremy Hogan, a partner at Hogan & Hogan LLP, humorously explained the situation. He said it would be ironic if the SEC completed its brief just five days before the new president’s inauguration on January 20, 2025. If Donald Trump becomes president again, he has publicly announced his intention to fire SEC Chairman Gary Gensler and potentially fire him. The new chairman may support a settlement with Ripple.
The implications of a change in SEC leadership could be profound. If President Trump appoints a pro-crypto chairman, the new official could decide to drop the appeal altogether, potentially bringing the long-running case to an unexpected end.
In conclusion, the crypto community is watching closely as the SEC navigates this complex legal landscape. The outcome of this case could set an important precedent for how future regulators treat digital assets.
