Ripple Asks Court to Set This Deadline For the Filing of Its Cross-Appeal Brief in SEC Case
Legal counsel representing Ripple in its ongoing lawsuit against the SEC seeks to file its cross-appeal brief by mid-April. Ripples lawyers made the request yesterday in a letter sent to Catherine O'Hagan Wolfe, the Clerk of the Court of Appeals for the Second Circuit. According to the letter, Ripple wants the court to set April 16, 2025, as the due date for the submission of its brief in the appeal and cross-appeal against the SEC.The counsel disclosed that two parties involved in the appeal, including Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, support this request. Although Ripple made the request yesterday, it became public knowledge today following an update from James K. Filan. https://twitter.com/FilanLaw/status/1882765054053163328Ripple Cross-Appeal Brief Meanwhile, the upcoming brief relates to Ripples cross-appeal. Recall that Ripple filed a cross-appeal shortly after the SEC indicated interest to appeal the companys legal victory. Ripple aims to overturn the SECs victory regarding its institutional sales of XRP, which were deemed investment contracts. As previously reported, the district court ordered Ripple to pay a $125 million fine and imposed an injunction on the companys future sales of XRP to institutional clients. The injunction followed Ripples violation of securities laws through its past institutional sales of XRP. On October 25, Ripple hinted at what the broader crypto community should expect from its cross-appeal brief. The company asked the court to review whether an investment contract requires an actual contract under the 1933 Securities Act. It sought clarification about whether its institutional sales of XRP, which were deemed securities, contained all elements of Howey. Ripple also brought up its fair notice defense and the Rule 65 arguments. The company will shed light on these arguments in its appeal brief that they might file in mid-April 2025. Court Grants Similar Request From SEC Recall that the SEC made a similar request last year in preparation for the filing of its opening appellate brief. On October 24, 2024, the SEC asked the court to set a deadline of January 15, 2025, for the filing of its opening appeal brief. The court granted the request a week later.Notably, the SEC filed its opening brief last week in accordance with the courts scheduling order. Now, Ripple wants the court to set a due date of April 16, 2025, for the filing of its brief. Legal Expert Thinks Ripple Wont File Appeal Brief Commenting on the development, pro-XRP lawyer Jeremy Hogan, a Partner at Hogan & Hogan law firm, characterized the request as a standard procedure, emphasizing that the court gave the SEC the same amount of time (90 days) to draft its initial brief. However, Attorney Hogan suggested that the SEC v. Ripple appeal might see a major development that could make it unnecessary for the company to file its brief on April 16, 2025. This development might be in the form of a settlement or outright dismissal of the lawsuit by the new SEC leadership. Attorney Hogan has consistently stated that the Second Circuit will not rule on the case, hinting at a potential dismissal.
Text source: The Crypto Basic
