The U.S. Securities and Exchange Commission (SEC) has requested a 2025 deadline for filing its main appeal brief in the ongoing lawsuit against Ripple. This development was shared by prominent defense lawyer James Filan, who posted a screenshot of the SEC’s request on X yesterday. The motion was submitted to Catherine O’Hagen Wolfe, the clerk of the Court of Appeals for the Second Circuit.
According to the filing, the SEC is asking for January 15, 2025, to be set as the deadline for filing its principal brief. This request comes shortly after the SEC filed its pre-argument statement outlining the issues it intends to appeal in the Ripple ruling.
In the upcoming principal brief, the SEC is expected to provide more insight into why it believes Judge Analisa Torres made errors in her decision regarding Ripple’s programmatic sales and other distributions of XRP. As of now, the Second Circuit has not issued a decision on the SEC’s request.
Despite speculations from XRP enthusiasts that the SEC’s request is a delay tactic, a prominent XRP community figure, Sherrie, clarified that the requested deadline falls within the 91-day timeframe allowed by Local Rule 31.2. This rule requires the appellant to inform the court clerk of the deadline they are seeking for filing their appeal brief, which should be within 91 days after the preliminary stage is completed. Failure to comply will result in the Second Circuit automatically setting the appeal brief deadline at 40 days after the “ready date.”
Attorney Jeremy Hogan from Hogan & Hogan law firm reacted humorously to the situation, suggesting that it would be ironic if the SEC completes its brief by January 15, 2025, only for a new president to be inaugurated five days later on January 20. There have been speculations that if former President Donald Trump appoints a pro-crypto SEC chairperson, they may decide to settle with Ripple, potentially bringing an end to the lawsuit.
It will be interesting to see how this situation unfolds and whether the SEC’s requested deadline will have any impact on the outcome of the Ripple lawsuit. Stay tuned for updates on this developing story.