The U.S. Court of Appeals for the Second Circuit has ordered the SEC to file its brief by January 15, 2025. This brief will contain detailed legal arguments, backed by citations to legal authority, and is considered a make-or-break moment for the agency ¹.
Ripple has already filed a pre-argument statement (Form C) for its cross-appeal, and notably, the SEC won't challenge XRP's regulatory status during the appeal process. This is significant, as XRP and Bitcoin (BTC) are the only two cryptocurrencies not classified as securities, setting them apart from other cryptos struggling with regulatory uncertainty ¹.
Here are the key takeaways from the update:
- *SEC's Brief Deadline*: January 15, 2025
- *Ripple's Cross-Appeal*: Pre-argument statement (Form C) filed
- *No New Evidence*: Record is set, no new submissions or requests allowed
- *Expected Ruling*: Early 2026, according to legal expert Fred Rispoli
- *SEC's Initial Appeal*: Filed last month, causing XRP price to drop
The SEC initially sued Ripple in December 2020, alleging XRP was sold as an unregistered security. Ripple argues XRP is a digital currency, not a security, citing its utility in cross-border payments ¹. The outcome of this case will have significant implications for the crypto industry, so stay tuned for further updates!$XRP