In the latest development in the ongoing SEC v. Ripple lawsuit, the United States Securities and Exchange Commission has requested a deadline to file its principal brief, aiming for Jan. 15, 2025.
This request has fueled speculation among XRP supporters, who view it as a delay tactic intended to prolong the legal battle, which is currently in the appeals stage.
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As reported, Bill Morgan, an XRP enthusiast and attorney, feels the SEC's recent move might be primarily about delay or that the SEC is not confident in its prospects.
However, former SEC regional director Marc Fagel weighed in to clarify the situation, countering the delay speculation. Fagel believes that the SEC might not be intentionally stretching the process.
Nobody is seeking to "extend" anything. The court rules require the appellant to request a briefing date within 91 days of filing certain information with the court. The SEC has now done so.
— Marc Fagel (@Marc_Fagel) October 25, 2024
"Nobody is seeking to extend anything. The court rules require the appellant to request a briefing date within 91 days of filing certain information with the court. The SEC has now done so," Fagel stated.
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Fagel’s insight brings a procedural perspective to the case, suggesting that the SEC’s actions align with standard court procedures which require an appellant to request a briefing date within 91 days of filing certain information with the court. Despite his remarks, some members of the XRP community remain skeptical, questioning the SEC’s commitment to a timely resolution.
Other latest updates
Ripple Labs has filed a Form C in the United States Court of Appeals for the Second Circuit, listing out the issues it plans to raise on its cross-appeal.
Ripple’s chief legal officer, Stuart Alderoty, confirmed the filing in an X post on Oct. 25, adding that "the SEC can’t submit new evidence or ask Ripple to produce more."
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In his tweet, Alderoty reminds the XRP community that, as Ripple goes through the appeal process, the SEC’s broader strategy is to create distraction and confusion for Ripple and the industry. "But honestly, it’s just background noise now. The hard part of the fight is behind us. Ripple’s business is growing and getting stronger every day even as this appeal process plays out," Alderoty added.
Given the SEC's request for the deadline of its principal brief, the XRP community and the broader crypto market might have to wait until January 2025 for the next phase in the appeals process.
