XRP Army Unites: SEC Demands 2025 Deadline for Appeal
- SEC requests January 15, 2025, as the deadline for its main appeal brief.
- XRP community concerns about the request being a delay tactic are met with counterarguments citing procedural rules.
- Potential shifts in SEC leadership could drastically alter the course of the lawsuit against Ripple.
XRP is at the center of a significant move by the U.S. Securities and Exchange Commission (SEC) in its ongoing lawsuit against Ripple. The commission has requested a deadline of January 15, 2025, for submitting its main appeal brief. This information was revealed through a screenshot shared yesterday by prominent defense attorney James Filan on X. The SECs motion was filed with Catherine OHagen Wolfe, the clerk of the Court of Appeals for the Second Circuit.
The SECs request is timely, following its recent pre-argument statement outlining the issues it aims to appeal regarding Judge Analisa Torress ruling on Ripples programmatic sales and other distributions of XRP. As of now, the Second Circuit has not yet made a decision regarding the SECs appeal timeline.
XRP Community Reacts
Several members of the XRP community have voiced their concerns, speculating that the SECs request may be a tactic to prolong the resolution of the lawsuit. However, Sherrie, a prominent figure in the XRP community, has countered these claims. She argues that the deadline requested is consistent with the 91-day timeframe established by Local Rule 31.2.
The rule requires the appellant to inform the court clerk of their preferred deadline for submitting appeal briefs. If the SEC does not comply with this requirement, the Second Circuit will automatically establish a deadline of 40 days after the ready date. This filing from the SEC indicates a strategic intent rather than simply a tactic to delay proceedings.
Legal expert Jeremy Hogan, partner at Hogan & Hogan law firm, provided a humorous take on the situation. He remarked that it would be ironic if the SEC finalized its brief just five days before a new presidential inauguration on January 20, 2025. Should Donald Trump become president again, he has openly expressed his intent to remove SEC chair Gary Gensler, potentially leading to a new chair who may favor a settlement with Ripple.
The implications of a change in leadership at the SEC could be profound. If Trump appoints a pro-crypto chair, the new official could decide to drop the appeal altogether, bringing the lengthy litigation to an unexpected close.
In conclusion, as the SEC navigates through this complex legal landscape, the cryptocurrency community watches closely. The outcome of this case could set a significant precedent for how regulatory agencies handle digital assets in the future.
Read more: https://www.tronweekly.com/xrp-army-unite-sec-demand-2025-deadline-appeal/
Text source: TronWeekly
