Key Takeaways
The SEC must file its opening brief in the Ripple appeal by January 15, 2025.
Ripple’s chief legal officer confirms the appeal doesn’t challenge XRP’s security status.
The United States Court of Appeals for the Second Circuit has ordered the SEC to submit its opening brief in its appeal against Ripple Labs by January 15, 2025.
#XRPCommunity #SECGov #Ripple #XRP The Second Circuit Court of Appeals has entered an Order that the @SECGov’s brief must be filed on or before January 15, 2025. pic.twitter.com/E3TE5tBDAy
— James K. Filan ???? (@FilanLaw) November 1, 2024
Defense lawyer James Filan shared the news of the court’s directive in a post on X, with legal experts, including pro-XRP attorney Fred Rispoli, suggesting the case could extend into 2026. This filing marks a crucial point in the years-long case, as the SEC is expected to present detailed legal arguments for its appeal. Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that this appeal is not about whether XRP itself is a security.
Both XRP and Bitcoin are uniquely classified with regulatory clarity, standing apart as the only crypto assets definitively not classified as securities—a point the SEC is not challenging in this appeal. Ripple has already filed Form C, outlining the issues it plans to raise in a cross-appeal, and Alderoty highlighted that the Appeals Court will review only the existing record.
“The SEC can’t submit new evidence or ask us to produce more,” he stated, noting this limits the possibility of the back-and-forth over documents that characterized earlier litigation stages. Alderoty conveyed that the company is unwavering in its mission to expand and innovate, confident that the SEC’s appeal won’t impede its progress
