The U.S. Securities and Exchange Commission’s ongoing legal battle with Ripple has entered a new phase. The Second Circuit Court of Appeals established a crucial January 15, 2025 deadline for the regulatory body’s brief submission.
This deadline is crucial, as the court’s order notes that missing the deadline will dismiss the SEC’s appeal. The court also noted that seeking an extension or another relief is off the table, and the SEC must file on or before the specified date.
The SEC’s decision to appeal previous court rulings regarding XRP’s institutional sales revived the legal battle and negatively impacted XRP, and this notice has stirred up excitement in the community.
Legal experts, including prominent attorney Bill Morgan, have emphasized the significance of the new deadline and its associated compliance requirements.
Responding to the deadline shared on X, Morgan stated , “At least the consequences for not meeting this deadline are clear.” The SEC almost missed its deadline to file Form C, leading to some speculation on the correct date.
Ashley Prosper (@AshleyPROSPER1), another prominent community figure, also weighed in, expressing hope that the regulator forgot to file its brief.
The regulator has formed a habit of filing notices at the last minute and seems strained from its multiple lawsuits with cryptocurrency companies. However, if it misses the January 15 deadline, it could spell the end of the protracted lawsuit.
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Industry Response and Future Implications
Coinbase CEO Brian Armstrong has taken a strong stance regarding the SEC’s approach to cryptocurrency regulation. Armstrong called for the next SEC Chair to drop all the frivolous cases and apologize to American citizens.
Armstrong’s statements advocate for comprehensive reform, suggesting that future SEC leadership should reevaluate existing cases and consider formal acknowledgment of regulatory missteps to rebuild public confidence.
Everyone is confident that Gensler will be replaced when the new administration comes in, and this could finally free the crypto world to act and innovate without interference.
Ripple Continues International Expansion
Despite ongoing regulatory challenges in the U.S., Ripple has achieved significant international growth. Apple, one of the largest companies in the world, integrated Ripple’s technology into its new payment solution, and the company has much more in store.
A proper regulatory environment would open up the U.S. market to Ripple’s technology and XRP integration, and the community is excited as the U.S. election approaches and Gensler’s time counts down.
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