- Ripple requests deadline extension for April 16, 2025, response brief.
- SEC maintains XRP sales on exchanges should be classified as securities.
- Ripple’s legal team confident SEC appeal lacks sufficient evidence.
Ripple has requested an extension in its ongoing legal battle with the SEC. As the SEC pushes ahead with its appeal, Ripple’s legal team remains optimistic about a favorable ruling. The outcome of this case could set critical precedents for the regulation of digital assets.
Ripple Requests More Time to Submit Brief
Ripple has requested an extension for submitting its brief in the ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). The company is seeking an extended deadline of April 16, 2025, to submit its response to the SEC’s appeal.
The SEC’s appeal follows a decision where the court ruled that certain XRP sales were not classified as securities. The SEC disagreed with this ruling, arguing that the court made significant errors. The SEC believes that digital asset sales on exchanges, including XRP, should be classified as securities, and it intends to prove this during the appeal.
Ripple’s legal team is preparing to submit a rebuttal to the SEC’s claims by the requested deadline in April. This will be Ripple’s opportunity to challenge the SEC’s opening brief and further prove that the company’s actions do not qualify as selling unregistered securities.
Legal Experts Express Optimism
Ripple’s legal team, led by Stuart Alderoty, remains confident in the outcome. Alderoty referred to the SEC’s appeal as “just noise,” noting that the arguments presented were previously rejected by the court. He also expressed optimism that the new SEC leadership may decide to abandon the case, which could signal a positive turn for Ripple.
Attorney Jeremy Hogan has criticized the SEC’s appeal as weak. Hogan pointed out that the SEC has yet to establish that retail investors expected profits from Ripple’s efforts, especially those unaware of the company’s existence. He believes that it is unlikely for the second circuit court to rule in favor of the SEC given the lack of solid evidence.
Impact of SEC Vs Ripple Case
The SEC filed its original lawsuit in 2020, accusing Ripple for the sale of unregistered securities. Although Ripple has won partial victories in court, the SEC remains determined to pursue its appeal, which has increased the complexity of the case.
Ripple’s legal team believes that the appeal is an attempt by the SEC to prolong the case, while Ripple continues to push for a resolution. The company’s legal experts anticipate that the appeal process may ultimately be unsuccessful. This legal battle is critical in defining how U.S. regulators will handle the classification of digital assets as securities.
Ripple maintains that XRP is not a security, and the company’s legal team is determined to prove their submissions. The SEC vs Ripple case highlights the ongoing tension between regulatory authorities and companies in the cryptocurrency industry.
