On Thursday, the United States Securities and Exchange Commission (SEC) filed with the US Court of Appeals for the Second Circuit to request an extension for the deadline for filing its principle brief by January 15, 2025. The filing was revealed by James K Filan, a defense lawyer and former federal prosecutor, through an X post.
Concurrently, Ripple Labs filed with the same court its pre-argument statement in Form C, detailing the issues it intends to appeal in the Second Circuit.
The US SEC under Chair Gary Gensler has litigated the ruling by Judge Analisa Torres that XRP sales through crypto exchanges do not constitute investment contracts but only sales to institutional investors. On the other hand, Ripple filed an appeal seeking further interpretation of the Howey test on digital assets, precisely the XRP.
Experts Take on the SEC vs Ripple Appeal Case
Less than two weeks to the US 2024 presidential and congressional elections, Ripple and the entire crypto communities are counting on the potential win for Donald Trump. Notably, the Republican presidential candidate has promised to foster the crypto space in the United States by first firing SEC Chair Gary Gensler out of office on the first day of his presidency.
According to Jeremy Hogan, a popular crypto-affiliated lawyer, the SEC will be counting major losses by January 15 if the upcoming change of government opts to drop crypto persecutions and all pending charges.
Impact on XRP Market Ahead of Anticipated Altseason
With some experts forecasting the end of the Ripple vs SEC case by 2026, the XRP community has shown concerns over potential misses in the highly anticipated altseason in the coming months. Moreover, the XRP market was heavily impacted by the SEC case against Ripple during the 2021 bull run.
Nonetheless, trial lawyer Fred Rispoli believes the SEC’s impact on XRP has dramatically lessened over the recent past.
