The SEC’s appeal deadline in the ongoing Ripple XRP lawsuit is fast approaching, with the critical date set for January 15, 2025. This comes after Judge Torres ruled that XRP itself is not a security, although the classification of sales depends on the specifics of the contract involved. While the SEC’s appeal could still be filed on time, there’s growing speculation about potential delays or last-minute moves by SEC Chair Gary Gensler before his tenure ends on January 20.
“The SEC has a crucial deadline for filing its appeal in the Ripple case, set for January 15, 2025 — this Wednesday. If the SEC misses this deadline, could the case be dismissed?”
In response to this question, former SEC lawyer Marc Fagel explained that federal lawyers don’t simply ignore filing deadlines. He added that, in his 30 years of litigation experience, it’s extremely rare for any lawyer to file a brief early. As for the Ripple case, Fagel stated that a decision on the appeal could take 10-12 months, unless a new SEC administration decides to dismiss it. Given the current SEC’s stance on crypto, he believes a dismissal is unlikely, but still possible.
When asked whether a dismissal would provide more clarity, Fagel said that a ruling from the Second Circuit Court would be ideal for providing clarity on the issue. A dismissal would still leave the original district court ruling in place, offering some guidance, though it would be limited.
Conclusion:
Despite potential tactics, many believe the future of the case may soon shift under a new administration, as the crypto-friendly environment in Washington grows stronger with figures like Trump-appointed officials and crypto advocates gaining prominence. Even if the SEC takes unexpected action, legal experts agree that it may not have a lasting effect as crypto-friendly policies continue to take shape.
