Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have agreed to file a deferred appendix for their ongoing cross-appeals. The deferred appendix is a collection of documents and evidence relevant to the case. Both parties have stipulated that this appendix will be filed 21 days after Ripple submits its opposition brief. This agreement is part of the ongoing legal proceedings between the two sides.
Defense lawyer James K. Filan said that both parties will file a deferred appendix for the cross-appeals. Source: XSEC to File Opening Brief On Jan.16 Despite Ripple’s Request for Delay
The SEC is required to file its opening brief tomorrow, Jan. 16, as part of its appeal. Ripple had requested the SEC to postpone this deadline, but the request was denied. Ripple’s Chief Legal Officer Stuart Alderoty criticized the refusal, calling it a waste of time and taxpayer money. Despite the setback, Alderoty expressed confidence in Ripple’s legal standing and believes the court will uphold their previous victory.
The legal battle began in December 2020 when the SEC accused Ripple of offering XRP as an unregistered security. In 2023, a court ruled in favor of Ripple, stating that XRP sales to retail investors were not securities. However, the SEC has appealed this decision, which is now under review.
Leadership Change at the SEC Brings Hope
The SEC Chair, Gary Gensler, is stepping down on January 20. His successor, Paul Atkins, is known for his pro-crypto stance. Ripple sees this change as an opportunity to resolve the lawsuit. Alderoty expressed optimism about working with new leadership to find a resolution. Ripple CEO Brad Garlinghouse also criticized Gensler’s approach, calling his enforcement-focused strategy a failure.
Despite the legal proceedings, XRP’s price has surged significantly. It rose from $2.52 to $2.84 overnight, marking a 12.64% increase in 24 hours.
XRP is up 8% from the last 24 hours. Source: CoinMarketCapOver the past week, XRP has gained 22.9%. Its trading volume also jumped 19.01% to $11.98 billion. Investors appear optimistic about Ripple’s prospects.
Notably, legal expert James Farrell explained that only the court clerk can change filing deadlines under extraordinary circumstances. He noted that the SEC must adhere to the Jan. 16 deadline, as the clerk has not granted any extensions. Farrell suggested the appeals process could conclude by April 2025, with settlement discussions possibly following.
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