US COURT OF APPEALS SET NEW DATES FOR RIPPLE CASE
The United States Court of Appeals has set important dates for the appeal process in Bradley Sostack’s lawsuit against Ripple Labs. Plaintiff Sostack must file a Mediation Questionnaire by December 23, 2024. The court expects the Appellate Transcript Order and Appellate Transcript on December 31, 2024 and January 30, 2025, respectively. The appeal process will begin with the plaintiff filing his opening statement on March 6, 2025; Ripple Labs, XRP II, and CEO Brad Garlinghouse will respond by April 7, 2025.
This case is notable as part of the ongoing debate over whether Ripple’s XRP token is a security. Previously, in the case between Ripple and the U.S. Securities and Exchange Commission (SEC), the court ruled in July 2023 that programmatic sales of XRP were not securities. However, it was stated that institutional sales could be considered securities.
While the legal processes between Ripple and the SEC continue, the cryptocurrency community and investors are closely following the results of the cases. In particular, the $2 billion fine requested by the SEC in the lawsuit against Ripple and Ripple’s defense strategy could set a precedent for the industry.
As a result, the appeals processes of the lawsuits filed against Ripple seem likely to continue in 2025. These developments show that regulatory uncertainties continue in the cryptocurrency market and that investors should be careful.
- The information contained in this article is never investment advice, but is for accurate and up-to-date information purposes. STAY TUNED❗️ Be sure to do your own research❗️
