The ongoing legal battle between the SEC and Ripple Labs is heating up, as the SEC has formally requested an extension for its principal brief deadline, pushing it to January 15, 2025. Attorney Fred Rispoli pointed out that the SEC frequently seeks extensions not solely to delay proceedings, but because they are stretched thin with numerous ongoing cases.
Understanding the Appeal Process
On The Good Morning Crypto Show, Rispoli explained that appeals primarily involve paperwork, rather than new trials or evidence. Each side submits three key documents: the opening brief, an opposition brief, and a reply brief. The appeal consists of both the SEC’s appeal and Ripple’s cross-appeal. Once these documents are filed, oral arguments will be scheduled, where each side will present their case before three judges.
Timeline and Implications
The timeline for the appeal process can be lengthy. Rispoli pointed out that even though the SEC’s request for an extension may seem like a delay, it aligns with his expected timeline. He said that initial impressions during the oral arguments could provide insights into how the judges are leaning, which may foreshadow their final decision.
Reply briefs from both parties are now expected by late March 2025, with oral arguments scheduled for September or October 2025. Rispoli said that these dates could be pushed back further depending on how the extensions play out, particularly since the Ninth Circuit offers additional time for filings.
Importance of Amicus Briefs
A significant aspect of the appellate process will be the amicus briefs. These briefs, filed by outside parties, can introduce new perspectives and evidence into the case. Rispoli said that the appellate judges will pay close attention to these briefs, which are expected to be more numerous and influential compared to those submitted at the district court level.
