The U.S. SEC receives a new directive from the Second Circuit Court of Appeals in its appeal against Ripple, as highlighted by defense attorney James K. Filan. The court has instructed the SEC to submit its appellate brief by January 15, 2025.
This development follows the SEC’s request for a deadline of January 15, 2025, to file its appeal brief, which was granted by the Second Circuit in an order dated October 31, 2024. The court has cautioned the SEC that failure to meet the deadline could result in dismissal of the appeal.
Moreover, the Second Circuit has made it clear that any requests for deadline extensions will not be entertained. Currently, the SEC has 75 days to present its appellate brief outlining its arguments against the Ripple decision.
In a recent pre-argument statement, the SEC hinted at its intention to challenge Judge Torres’ rulings on Ripple’s XRP sales and use as a payment method. The commission has also reintroduced aiding and abetting charges against Ripple executives Chris Larsen and Brad Garlinghouse in the appeal.
While there is speculation among XRP enthusiasts that the SEC might drop the lawsuit before the January 15 deadline, particularly with the potential exit of SEC Chair Gary Gensler, it remains uncertain. The broader crypto community is closely watching the upcoming U.S. election, with some believing that Trump’s pro-crypto promises could influence the industry’s future.
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