Ripple Labs developed a draft submission outline for its planned appeal during its SEC lawsuit progression. The present company filing at the court seeks increased case duration with an April 16, 2025 deadline for their submission opinion. In its attempt to handle issues stemming from cross-appeals, Ripple initiated this scheduling request to their ongoing legal battle with the U.S. Securities and Exchange Commission.
Ripple’s Request for Extension
Ripple Labs filed a letter on January 24 to the U.S. Court of Appeals for the Second Circuit. The document asked the court to determine when Ripple should file its appeal brief by setting the deadline for April 16, 2025. The proposed date for the brief appeal submission obtained approval from Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The company aims to sustain its court battle against the SEC and expand the litigation duration past previous estimates that had estimated final court decisions within April or May.
Far from its original deadline Ripple uses the filed motion to present its arguments against the SEC’s cross-appeal. After two years of court proceedings, the SEC continues its legal challenge against Ripple based on claims that XRP functions as financial security attributes used in its XRP cryptographic platform. Throughout its initial December 2020 start date the cryptocurrency market focused exclusively on this legal case. The Ripple legal team stands ready for an upcoming appeal since the court established a future hearing timeline.
Lawyers’ Perspectives on the Case
Defense analysts observing this case explain that requesting an extended timeline falls within normal Ripple procedures. The cryptocurrency expert Jeremy Hogan noted how the SEC received 90 days to submit its opening brief. He indicated that the court might dismiss the filing process and reach a resolution earlier than anticipated. The original timeline set by Hogan pointed toward resolution in April or May but Ripple’s request for more time indicates the case could become even longer.
According to Pro-XRP lawyer Bill Morgan, the XRP case can reach its conclusion within the established time frame. SEC Chair Gary Gensler potentially will issue a decision not to pursue further appeals and instead reach a case settlement according to legal analyst Bill Morgan’s speculation. The latest filing extension request from Ripple according to Morgan provides an opportunity for both parties to negotiate settlements before finalizing a potential agreement.
The SEC’s Arguments in the Case
During the ongoing lawsuit, the U.S. Securities and Exchange Commission (SEC) filed its initial court brief last week. During the ongoing lawsuit, the SEC delivered an antagonistic initial brief to the court representing its objection against Judge Analisa Torres’ previous July 2023 Ripple-friendly decision.
The SEC believes Judge Torres made an incorrect determination when she declared XRP independent from security classification. As a result, the regulator launched appeals against this court decision to achieve a legal reversal at the next stage.
Since the legal battle, Ripple maintains that XRP does not qualify as a security class asset while rejecting the SEC’s criticism of its token. In Stuart Alderoty’s view, Ripple’s Chief Legal Officer Ripple’s the SEC’s appeal represents stale points from previous legal failures. Ripple expects a beneficial resolution of the lawsuit since President Donald Trump’s administration presents the potential for leadership changes at the SEC.
Amicus Briefs and Support for the SEC
During the ongoing court proceedings, multiple intervening parties submitted their statements to inform the proceedings with their legal perspectives. Better Markets submitted an amicus brief this week as part of its support for the SEC. Ripple’s XRP sales rest on investment contracts that turn XRP into a security asset. The extensive court documents show how multiple parties create different concepts that create complexities within the security dispute.
During its ongoing legal battle, Ripple pushes back on SEC security arguments but the cryptocurrency community shows different perspectives. Several experts forecast that this case will terminate before many others believe it will persist for an extended period of additional months. Ripple’s ongoing legal effort to resolve the lawsuit centers on the impending April 16th planned filing date.
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