In a significant development for the cryptocurrency community, the U.S. Securities and Exchange Commission (SEC) has formally requested that January 15, 2025, be set as the deadline for filing its principal brief in the ongoing Ripple case. Prominent defense attorney James Filan shared the SEC’s motion via a screenshot on X (formerly Twitter), which was submitted to Catherine O’Hagen Wolfe, the clerk of the Court of Appeals for the Second Circuit. This request comes on the heels of the SEC’s recent pre-argument statement, where the agency outlined the key issues it plans to challenge in the ruling made by Judge Analisa Torres.
The impending principal brief will delve deeper into the SEC’s arguments, particularly addressing the agency’s contention that Judge Torres made errors concerning Ripple’s programmatic sales and other distributions of XRP. As of now, the Second Circuit has not yet issued a decision regarding the SEC’s motion, leaving the crypto community in anticipation.
Not a Delay Tactic, Says Community Insider
Despite speculation among XRP enthusiasts that this move may be an attempt by the SEC to prolong the lawsuit’s resolution, influential XRP community figure Sherrie has clarified that the requested deadline aligns with the 91-day timeframe permitted by the court under Local Rule 31.2. This rule mandates that the appellant must notify the court clerk about the deadline it seeks for its appeal brief filing. If the SEC fails to adhere to this directive, the Second Circuit will automatically set the appeal brief deadline to 40 days after the “ready date.”
This clarification has sparked discussions within the XRP community, with many supporters eager to see how the SEC will construct its arguments in the principal brief. The prevailing hope is that the upcoming filing will provide greater insight into the SEC’s legal strategy and its implications for Ripple and the broader cryptocurrency market.
Legal Opinions and Political Context
Adding a layer of complexity to the situation, attorney Jeremy Hogan of Hogan & Hogan offered a humorous yet pointed observation. He suggested that it could be rather ironic if the SEC finalizes its brief just five days before the inauguration of a new president, who may potentially replace SEC chair Gary Gensler. Notably, former President Donald Trump has openly expressed his desire to dismiss Gensler and appoint a more crypto-friendly chair. Should such a scenario unfold, the new chair could choose to settle with Ripple, potentially bringing the ongoing lawsuit to an unexpected conclusion.
The political landscape is already buzzing with speculation about how a change in leadership could impact regulatory approaches to cryptocurrencies. If Trump’s administration were to result in a pro-crypto SEC chairperson, it might signal a seismic shift in regulatory attitudes, possibly benefiting Ripple and other digital asset platforms.
As the SEC prepares its principal brief and the crypto community awaits the Second Circuit’s decision on the agency’s request, the Ripple case remains a pivotal focus in the cryptocurrency arena. The outcome of this legal battle could have far-reaching implications, not only for Ripple but also for the regulatory environment surrounding cryptocurrencies in the United States. With political dynamics in play, all eyes will be on January 15, 2025, and the potential shifts that may follow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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