The US Court of Appeals for the Second Circuit has issued its first order in the SEC v Ripple lawsuit, setting January 15, 2025, as the deadline for the Securities and Exchange Commission's (SEC) principal brief. This development means the XRP community will have to wait until next year for any significant progress in the case.

Background of the Case

The SEC filed a lawsuit against Ripple Labs, Inc. and its executives, alleging that the company's sale of XRP tokens constituted an unregistered securities offering. Ripple has maintained that XRP is not a security and has challenged the SEC's jurisdiction.

Delay and Its Implications

Experts attribute the delay to the US presidential election, suggesting that a Donald Trump victory may lead to SEC Chair Gary Gensler's departure. This potential change in leadership could impact the case's trajectory.

Ripple's Defense

Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen are seeking to dismiss securities law violation charges against them. Ripple's defense argues that:

1. An "investment contract" requires a contract, post-sales obligations, and profit dependence on the seller's activities.

2. The Howey test, established in 1946, does not apply to cryptocurrencies.

Ripple has also revived the fair notice defense, asserting that the SEC failed to provide clear guidance on XRP's status.

Notable Developments

- Garlinghouse and Larsen have hired attorneys who successfully dismissed all claims against Garlinghouse in the district court.

- Judge Phyllis Hamilton has ordered parties to consider an "alternative resolution" in the In re Ripple Labs Inc Litigation.

Market Impact

XRP's price has dropped 1% in the last day, trading at $0.51. However, trading volume has increased by 40%. Some analysts predict a $25 price target for XRP.

Conclusion

The SEC v Ripple lawsuit remains a critical issue for the cryptocurrency community. As the case unfolds, XRP's fate hangs in the balance. Stay informed about the latest developments and their implications for the crypto market.

Sources:

- US Court of Appeals for the Second Circuit

- SEC filings

- Ripple Labs, Inc.

Disclaimer:

This article is for informational purposes only and should not be considered financial advice.

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