In its ongoing lawsuit with the US SEC, Ripple Labs has demanded an April 16 deadline to file its brief with the Appeals Court.
San Francisco-based blockchain payment firm Ripple Labs Inc. has asked that April 16, 2025, be set as the deadline for it to submit its appeal brief. The firm made this request to the U.S. Court of Appeals for the Second Circuit with its legal debacle with the United States Securities and Exchange Commission (SEC).
SEC Appeals Court’s Initial Verdict on Ripple XRP
The agency filed an appeal brief earlier, underscoring its commitment to contest an earlier ruling. Gary Gensler’s exit from the SEC has not deterred it from getting to the end of its four-year-old lawsuit with Ripple on XRP security status.
For the initial court verdict, it was announced that certain XRP sales were not securities. Some crypto community members hoped this verdict would get the SEC off Ripple’s back. To the disappointment of many, the regulator pushed for an appeal because the court made fundamental mistakes. Furthermore, it argued that the sales of XRP on exchanges should be considered securities.
Ripple and its team members are very positive that the Commission will not make any progress in the lawsuit with its appeal. They rely on strong arguments that will throw the SEC off balance and give the blockchain firm victory. Stuart Alderoty, Ripple’s CLO, described the SEC appeal as “just noise,” which the new administration will drop.
The Donald Trump Advantage
The Donald Trump administration replaced Gensler with Mark Uyeda, who is interim chair. This is in addition to signing a few crypto-inclined executive orders.
Judging by Uyeda’s interest in implementing a favorable regulatory framework for crypto, the expectation is that the SEC will stop its enforcement approach of regulation. So far, he has established a crypto task force in the agency.
The bloc’s goal is to assist in solving problems arising from the growth of crypto space. SEC Commissioner Hester Peirce is charged with leading the task force, concentrating on market integrity, investor protection, and actions against fraud.
Ultimately, the crypto community looks forward to more crypto push from Trump’s administration.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
