tl;dr
The United States Court of Appeal for the Second Circuit has ordered the U.S. Securities and Exchange Commission (SEC) to file its principal appeal brief against Ripple Labs before January 15, 2025. Initially, the SEC missed its submission deadline for the appeal brief, but the court approved the ag...
U.S. Court orders SEC to file appeal brief against Ripple Labs by January 15, 2025
- Legal struggle and appeals stemming from landmark 2023 ruling on Ripple's XRP token - Ripple's cross-appeal focuses on redefining digital asset regulation
The United States Court of Appeal for the Second Circuit has ordered the U.S. Securities and Exchange Commission (SEC) to file its principal appeal brief against Ripple Labs before January 15, 2025. Initially, the SEC missed its submission deadline for the appeal brief, but the court approved the agency's request for an extension, setting the new deadline.
The legal struggle stems from a 2023 ruling by Judge Analisa Torres, in which Ripple was found to have violated securities laws but was also deemed not to meet the criteria for investment contracts under the Howey Test. Ripple has filed a cross-appeal against specific parts of Judge Torres's decision, raising essential points related to the definition of "investment contract" and the "fair notice" doctrine.
NO MORE DELAYS
Initially, the SEC missed its submission deadline for the appeal brief, with defense lawyer James K. Filan revealing the regulator’s official petition to delay the filing.
On November 1, the former federal prosecutor shared the Court of Appeal’s decision on the SEC’s request. Per the document shown in Filan’s post, while the court approved the regulator’s request, it indicated that if the agency fails to file its brief by January 15, the appeal will be effectively dismissed. The court also stated that any further request for an extension or other relief would not change the filing deadline.
RIPPLE’S CROSS-APPEAL
Ripple countered the SEC’s move with a cross-appeal of its own against specific parts of Judge Torres’s decision, raising four essential points, including a focus on the definition of “investment contract” under the Securities Act of 1933. The company contends that such a contract requires a formal agreement with post-sale obligations and a guarantee of profit for the buyer, a criterion they argue doesn’t fit their XRP transactions. Ripple also targeted the “fair notice” doctrine, claiming the SEC and other regulators failed to provide adequate guidance on the status of cryptocurrencies under federal law. It insisted that it made efforts to inform XRP buyers about this regulatory uncertainty.
The case, which has stretched on for more than four years, has seen numerous delays, causing frustration among the XRP community.
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