Ripple Labs recently asked the United States Court of Appeals for the Second Circuit to set a deadline of April 16, 2025 to file its counter-appeal brief in its ongoing litigation with the SEC. and Exchange Commission). The request is part of Ripple's legal strategy to challenge parts of a district court ruling that favored the SEC regarding sales of the XRP crypto.
Ripple requests deadline for counter-appeal against SEC
The dispute between Ripple and the SEC began in December 2020, when the SEC accused Ripple of selling unregistered securities by marketing its XRP token. The decision of the New York district court concluded that certain institutional sales of XRP constituted investment contracts, therefore securities transactions. This resulted in a substantial fine of $125 million against Ripple and restrictions on its future sales.
In his recent requestRipple therefore presented the timeline it wishes to follow in this matter, emphasizing the importance of this deadline to develop a sufficient defense against the SEC's allegations. Brad Garlinghouse, CEO of Ripple, and Chris Larsen, Executive Chairman, also supported this request. The SEC, for its part, has already submitted its opening brief in accordance with the court's previous schedule.
Implications for the crypto market
Legal experts, like Jeremy Hogan of Hogan & Hogan, suggest that these procedural requests are standard but crucial to moving the case forward. Additionally, the outcome of this litigation could potentially influence how digital assets are regulated and treated under securities laws in the United States, with broader implications for the crypto market.
Finally, Ripple's request for an April 16, 2025 deadline for its counter-appeal brief is an important step in its ongoing legal battle with the SEC. This case continues to capture the attention of crypto industry observers, as it could have significant implications for the future regulation of digital assets in the United States.
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