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Highlights
- Ripple requested the court to grant order on filing its brief by April 16.
- Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen have also requested the court.
- Lawyers argue that the XRP lawsuit will end before the date.
In the latest development regarding the Ripple SEC case, the blockchain firm has submitted a proposed schedule for filing its brief regarding cross-appeal. As a result, the long-running XRP lawsuit gets extended further than the earlier anticipated end date in April or May. Here we explore the recent developments in detail and see how long the case may be extended.
Ripple to File Its Appeal Brief in SEC Case by Mid-April
In a court filing on January 24, Ripple Labs writes a letter to the U.S. Court of Appeals for the Second Circuit requesting the due date of its brief. The company proposed a due date of April 16 to file a brief related to the appeal and cross-appeal.
Furthermore, the letter states that Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen have agreed and requested the same date.
Under this Court’s Rule 31.2(a)(1)(B), Ripple requests a due date of April 16, 2025 for its brief. I am authorized to state that Appellees Bradley Garlinghouse and Christian A. Larsen join in this request.
Lawyers Anticipate Dismissal of Ripple SEC Case
XRP community and lawyers closely following the case believed a settlement or dismissal of the Ripple SEC case. Gary Gensler’s exit and pro-crypto US SEC under President Donald Trump are the motivation for the XRP lawsuit’s end.
Lawyer Jeremy Hogan said that the due date request from Ripple is very standard. Whereas, the US SEC had 90 days to draft its initial brief. “The only question here is – will the brief need to be filed at all?” Jeremy Hogan earlier estimated the end of XRP lawsuit by April or May.
Pro-XRP lawyer Bill Morgan believes the Ripple SEC case will be over by the proposed due date as SEC Chair Paul Atkins may decide not to pursue the appeal. He added that it is just a strategy to “buy time to negotiate and formalize the SEC’s abject surrender.”
US SEC Argued XRP Is Security in its Opening Brief
Last week, the U.S. Securities and Exchange Commission (SEC) filed its opening brief in the XRP lawsuit, challenging Judge Analisa Torres’ ruling on XRP sales by Ripple Labs. The regulator argued that Judge Torres made a mistake in the ruling issued in July 2023 that XRP is not a security in itself.
Ripple’s chief legal officer Stuart Alderoty called the SEC’s appeal “a rehash of already failed arguments.” Ripple executives are upbeat on abandoning the lawsuit by the Trump administration.
Earlier this week, Better Markets filed an Amicus brief in support of the US SEC arguing that the sales of XRP by Ripple Labs constitutes an investment contract.
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