Ripple seeks deadline for cross-appeal brief in SEC case
Ripple Labs has requested a deadline for its cross-appeal brief in its ongoing legal dispute with the United States Securities and Exchange Commission. Ripple Labs has officially set an April 16 deadline for its cross-appeal brief in its continuing legal fight with the US Securities and Exchange Commission. The relocation is considered a conventional practice.
In a Jan. 23 request, Michael Kellogg, a member of Ripple’s legal team, named the cryptocurrency company’s CEO, Brad Garlinghouse, and co-founder, Chris Larsen, as participating “in this request.”
A short deadline is when a party must submit a written legal argument to the court. Often, a brief is required within a specified time frame after the appealing party files its opening brief. The amount of time, including any possible deadline extensions, is determined by the rules of the specific court conducting the appeal.
The development follows the SEC’s filing on January 15, in which the commission contended that the New York District Court erred in ruling that the XRP XRP$2.92 sold to retail customers were not securities. The SEC also stated in the submission that XRP used as employee compensation and in business operations was incorrectly excluded from being considered a security. The New York District Court’s 2023 decision was viewed as a partial triumph for Ripple. Judge Torres later ordered the business to pay the SEC more than $125 million for violating securities laws, noting that Ripple also offered XRP as part of institutional sales.
Will the SEC drop the case?
Ripple’s request refocused attention on this ongoing and significant cryptocurrency court dispute. However, others expected the SEC would withdraw the complaint. Jeremy Hogan, partner at Hogan & Hogan, stated on X that this is common practice. The SEC also had 90 days to prepare its initial brief. The only question is whether the brief needs to be filed at all.
Many members of the XRP Army have similar questions. Since January 20, the SEC has been led by Mark Uyeda, a crypto-friendly acting Chair nominated by President Trump. The bureau is allegedly considering dismissing some cryptocurrency enforcement cases.
In President Trump’s second term, his administration has embraced the digital asset area. The president has fulfilled his campaign promise to pardon Silk Road founder Ross Ulbricht, established a working group to investigate a US crypto reserve, and named David Sacks as the White House’s AI and crypto czar.
The SEC initially filed a complaint against Ripple in December 2020, stating that the company violated securities laws by selling its XRP coin. The legal dispute has continued to this day.
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