Ripple vs SEC Update: SEC Files for Jan 2025 Extension, Ripple Pushes Appeal

On Thursday, the U.S. Securities and Exchange Commission (SEC) asked the U.S. Court of Appeals for the Second Circuit to extend the deadline for submitting its main brief to January 15, 2025. The request was made public by James K. Filan, a defense lawyer and former federal prosecutor, who shared the update on X (formerly Twitter).

Here’s all you need to know.

Ripple Moves Forward with Its Appeal

At the same time, Ripple Labs filed its pre-argument statement, known as Form C, with the same court. The document outlines the issues Ripple plans to challenge in the Second Circuit, focusing on getting more clarity on how the Howey Test applies to digital assets like XRP.

The legal fight escalated when Judge Analisa Torres ruled that XRP sales made through cryptocurrency exchanges do not qualify as investment contracts, except for sales to institutional investors. The SEC, led by Chair Gary Gensler, has appealed this decision, while Ripple is also appealing to seek a broader interpretation of regulations for digital assets.

Will the Elections Change the Game?

With the 2024 U.S. presidential and congressional elections less than two weeks away, Ripple and the wider crypto community are hoping for a win by Republican candidate Donald Trump. Trump has pledged to support the crypto industry and remove SEC Chair Gary Gensler from office on his first day if elected. This promise has raised hopes for a shift in regulations that could bring an end to the ongoing “crypto crackdown.”

Well-known crypto lawyer Jeremy Hogan has suggested that by January 15, the SEC could face significant setbacks if a new administration chooses to drop ongoing crypto enforcement actions and dismiss outstanding cases.

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What Next for XRP Price?

While some experts expect the Ripple vs. SEC case to continue until 2026, the XRP community is concerned about potentially missing out on a much-anticipated altseason in the coming months. The 2021 bull run was notably impacted by the lawsuit, which weighed heavily on XRP’s market performance.

Despite the ongoing legal battle, trial lawyer Fred Rispoli believes the SEC’s influence over XRP has weakened significantly in recent months, suggesting that the outlook for the digital asset could be improving as the case continues.

The outcome of Ripple’s legal fight with the SEC is not just crucial for XRP holders but could also shape the future of cryptocurrency regulations in the U.S.

Do you believe a new administration could bring an end to the Ripple vs. SEC saga? Let us know.