Breaking: US SEC Requests Deadline For Principal Brief In Ripple Lawsuit
Highlights
- The US SEC has requested that the deadline to file its principal brief should be January 15, 2025.
The US SEC has filed a request for a deadline for its principal brief in its appeal case against Ripple. This comes amid Ripple’s much-anticipated form C filing, which is expected to happen today.
US SEC Requests Data For Principal Brief Deadline
Defense lawyer James Filan revealed in an X post that the US SEC had asked the court to grant January 15, 2025, as the deadline to file its principal brief. The Commission’s principal brief would fully kickstart the case, which would last until 2026, based on the timeline provided by legal experts like pro-XRP lawyer Fred Rispoli.
The principal brief will contain the US SEC’s arguments, supporting their appeal against Judge Analisa Torres’ ruling on Ripple’s XRP sales on exchanges and other distributions. The Commission has also included Ripple’s Co-Founder Chris Larsen and CEO Brad Garlinghouse in the appeal, as they argue that the duo facilitated these offers and sales.
Chris Larsen already filed a notice of appearance as he is again a party to the suit following the SEC’s appeal. As CoinGape reported, former SEC lawyer Marc Fagel and legal expert Sherrie have indicated that the Commission’s appeal against Garlinghouse and Larsen may be stronger than imagined.
If the court grants the request, the Commission will likely file the principal brief by the January 15, 2025 deadline. Ripple Chief Legal Officer (CLO) Stuart Alderoty mentioned last week to FOX Journalist Eleanor Terrett that he expects the SEC to use up the full period for filing its first brief, after which Ripple will file its response.
Ripple Expected To File Its Form C Soon
Meanwhile, the US SEC’s request comes amid the much-anticipated filing of Ripple’s Form C, revealing which part of Judge Analisa Torres’ ruling they intend to cross-appeal. Terrett revealed in an X post that the crypto firm will file its Form C today, although that has yet to happen. According to the FOX Journalist, Ripple will appeal Judge Torres’ ruling on their XRP institutional sales being securities, the only thing they lost at the District court.
Garlinghouse and Alderoty mentioned to Terrett that they are confident about a Ripple win in the Second Circuit in their case against the US SEC. Alderoty said,
The second circuit traditionally, is not a fan of the SEC. They’re not a fan of regulatory overreach. And statistically, if you lose, your chances of getting the Second Circuit to reverse is around 10% or less.
The Ripple CLO also recently stated that the Second Circuit will likely affirm or expand Judge Torres’ ruling. He claimed that the best outcome the US SEC could hope for was a remand to the lower court.
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