After the SEC filed its notice of appeal, court records revealed the agency’s plans to appeal the summary judgment and final judgment. In summary judgment, Judge Annalisa Torres ruled that programmatic sales of XRP did not meet Step 3 of the Howie test.
Cryptocurrency advocate Fred Rispoli recently shared a potential appeal timeline and expects the SEC’s brief to be filed by December 2, 2024. But Rispoli expects the SEC to seek a 30-day extension, potentially leaving XRP in limbo until January 2025.
The SEC’s opening brief could be crucial for XRP and its view of the SEC’s potential to overturn the programmatic sales ruling. For investors hoping for a quick resolution, Rispoli expects the Second Circuit’s decision to be handed down as early as January 2026.
US Presidential Election and SEC Appeals Discussion
Speculation about the SEC’s appeal included potential scenarios if Kamala Harris were to win the U.S. presidential election. Rispoli speculated about how the outcome of the U.S. presidential election could affect the SEC’s appellate process, saying:
“Of course, if the SEC loses in the Second Circuit, which is of this size, a Harris victory would ensure an appeal to the Supreme Court.If Trump wins, the Even if the case is defeated, there may be no appeal to the Supreme Court.
Rispoli doesn’t think the SEC will lose the case in the Second Circuit and reach the Supreme Court if Trump wins, but there’s a good chance the SEC will drop the appeal. In July 2024, President Trump announced on his first day that he would fire SEC Chairman Gary Gensler.
