The U.S. Court of Appeals has recently disclosed important dates for the ongoing lawsuit between Bradley Sostack and Ripple. At the same time, the Securities and Exchange Commission (SEC) is racing against time to file its main brief before Chairman Gary Gensler’s departure, although a potential government shutdown looms, causing possible delays. Here’s what you need to know!
Ripple Lawsuit: Important Dates Revealed
The U.S. Court has mandated that Plaintiff Bradley Sostack submit a Mediation Questionnaire by December 23, mirroring the deadline for the US SEC’s appeals filing. Subsequently, the court anticipates the Appeals Transcript Order by December 31 and the complete transcript by January 30.
Simultaneously, Sostack is set to file his opening brief on March 6, 2025, detailing his allegations against Ripple and its CEO, Brad Garlinghouse.
On the other hand, Ripple Labs, XRP II, and Garlinghouse must respond by April 7, 2025. Failure to adhere to these deadlines could potentially lead to the dismissal of the appeal.
Previous Court Decisions
The latest developments come on the heels of previous court rulings that have favored Ripple. Despite this, Bradley Sostack remains steadfast in pursuing his claims. Judge Phyllis Hamilton recently greenlit a motion to amend the decision on judgment and the stay in the case.
Both parties have proposed a new order, concurring that postponing the judgment is unnecessary since the class claims have already been resolved.
SEC Braces for Potential Shutdown
Meanwhile, the SEC, also a party in the Ripple lawsuit, is grappling with its own set of challenges. The U.S. government faces the specter of a looming shutdown due to budgetary constraints.
This predicament could potentially delay the SEC’s response to the appeal, with some experts speculating that the ongoing legal dispute could be put on hold. While this delay might alleviate immediate pressure on Ripple, it could also prolong the resolution that could provide clarity on XRP’s regulatory standing.
The developments in the Ripple lawsuit and the SEC’s predicament underscore the complexity and significance of the case. As stakeholders eagerly await further updates, the outcome of these legal proceedings could have far-reaching implications for the cryptocurrency industry as a whole.