The U.S. Court of Appeals for the Second Circuit (2nd Circ.) has ordered a brief on SEC vs. Ripple and its executives’ case to be filed on or before January 15, 2025. The court also ordered to dismiss the appeal if the SEC fails to file the brief after that date.
James K. Filan, a defense lawyer and former federal prosecutor, disclosed that the SEC filed a scheduling notification under the SEC vs. Ripple and its executives’ case with the Second Circuit.
In the court filings, the commission requested an extension to January 15, 2025, after failing to meet the court’s deadline to submit an appeal brief.
Second Circuit court approves SEC brief deadline filing
The Second Circuit ordered the commission to meet the deadline and file the brief on or before January 15, 2025. The court also ordered that the appeal be dismissed if a brief was not filed after that date.
#XRPCommunity #SECGov v. #Ripple #XRP The Second Circuit Court of Appeals has entered an Order that the @SECGov’s brief must be filed on or before January 15, 2025. pic.twitter.com/E3TE5tBDAy
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 1, 2024
The court also added that a motion to extend the predetermined deadline or seek other relief would not toll the filing. The court gave the order on October 31st at the Thurgood Marshall United States Courthouse in New York.
The financial regulator filed a notice of appeal against Judge Analisa Torres’ ruling that Ripple had not violated securities laws through XRP sales to retail investors. In September, Fox Business journalist Eleanor Terrett gave initial hints of the incoming appeal after speaking to a former SEC lawyer who had recently parted ways with the commission.
On October 18th, the commission filed a civil appeal pre-argument statement (Form C) against Ripple, seeking appeals on Ripple’s programmatic XRP sales on crypto trading platforms and the company’s distribution of XRP to employees.
The Ripple community has accused the regulator of trying to delay the conclusion of its legal war with the crypto payment company until 2025. Many crypto enthusiasts expressed their frustrations on social media concerning the never-ending legal battle between the regulator and Ripple. Users claim that the commission was intentionally filing at the last minute to frustrate the defendants and the entire crypto community.
One X user highlighted that the regulator seems to be trying to delay the inevitable again. The user also mentioned that they can’t wait for former U.S. president Donald Trump to fire Gary Gensler and withdraw the XRP case appeal. The presidential aspirant promised to fire U.S. SEC chair Gary Gensler while speaking at the Bitcoin Conference 2024 on July 27th once he assumes office after the November elections.
Stuart Alderoty, Ripple’s chief legal officer, and Ripple’s CEO Brad Garlinghouse said in earlier statements that Ripple would win the appeal. The lawyer wrote on X that the U.S. SEC’s strategy is to distract and confuse Ripple and the entire crypto industry. On the other hand, Garlinghouse said in an interview with Eleanor Terrett that Ripple would win the appeals.
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