Ripple vs. SEC: Second Circuit Court Sets New Deadline
The Second Circuit Court of Appeals has ruled on the SEC-Ripple Labs, Inc. XRP litigation. The SEC must submit its appeal brief by January 15, 2025, per court order.
NEW SEC Filing Deadline for Ripple Case
The court's October 31, 2024 decision states: “Appellant-Cross-Appellee's brief must be filed on or before January 15, 2025. If the brief is not submitted by January 15, 2025, the appeal is rejected. Motions to extend the short filing deadline or seek other remedy will not toll the filing date.”
The court's strict instruction stresses procedural timeframes by threatening to dismiss the SEC's appeal if compliance is not met.
The court's injunction follows recent dispute over the SEC's Form C, which lists the grounds it will appeal. Many XRP lawyers believed the SEC missed the deadline for this critical submission.
The SEC submitted Form C before the October 17, 2024 scheduled date. Debate centered on whether the deadline happened on October 16 or 17. A missed deadline might have hampered the SEC's appeal. Legal experts highlighted that although missing a deadline is a procedural error
Legal experts in the XRP community reacted to the court's ruling. On X, pro-XRP attorney Bill Morgan said, “At least the consequences for not meeting this deadline are clear.”
Bitcoin enthusiast and commercial lawyer Joe Carlasare said, “This is the standard order.” Carlasare adds that although the ruling is stringent, it follows appellate procedural guidelines unrelated to the SEC's Form C submission.
The US presidential election might complicate the SEC's decision. If former President Donald Trump defeats Vice President Kamala Harris, regulatory leadership may change. Trump boldly said at Bitcoin 2024 that he will dismiss SEC Chair Gary Gensler on day one.
This comment has raised anticipation that a Trump-appointed SEC chair may dismiss the Ripple lawsuit before January 15. Ripple vs. SEC is the next big date if Trump loses.
#XRP $XRP #GrayscaleXRPTrust #NovCryptoOutlook
