The US SEC has requested that the court set January 15, 2025, as the deadline for the Commission’s principal brief in its appeal against Ripple.
The U.S. Securities and Exchange Commission (SEC) has requested a deadline for submitting its principal brief in its appeal case against Ripple, as Ripple is expected to file its Form C later today.
SEC Requests Deadline for Principal Brief
Defense lawyer James Filan shared in an X post that the SEC has asked the court to set January 15, 2025, as the deadline for filing its principal brief.
This brief would mark the formal start of the appeal, which legal experts, such as pro-XRP attorney Fred Rispoli, estimate could extend the case until 2026.
The principal brief will include the SEC’s arguments supporting its appeal against Judge Analisa Torres’ ruling on Ripple’s XRP sales on exchanges and other distributions.
Additionally, Ripple’s co-founder Chris Larsen and CEO Brad Garlinghouse are named in the appeal, with the SEC alleging that they facilitated these transactions.
Larsen has filed a notice of appearance, as he is now part of the ongoing suit due to the SEC’s appeal.
Former SEC attorney Marc Fagel and legal expert Sherrie have both noted that the Commission’s case against Garlinghouse and Larsen could be stronger than initially thought.
If the court approves the SEC’s request, the principal brief will likely be filed by the deadline of January 15, 2025.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty recently told FOX journalist Eleanor Terrett that he expects the SEC to use the full time to submit its first brief, after which Ripple will file its response.
Ripple’s Form C Filing Expected Soon
Meanwhile, the SEC’s request coincides with Ripple’s anticipated filing of its Form C, which will detail which part of Judge Torres’ ruling they plan to cross-appeal.
Terrett mentioned in an X post that Ripple is expected to file Form C today, though it has not yet happened.
Ripple is expected to appeal the ruling that its XRP institutional sales were securities—the one aspect they lost in District Court.
Garlinghouse and Alderoty have expressed confidence in Ripple’s chances of winning in the Second Circuit. Alderoty stated,
“The second circuit traditionally, is not a fan of the SEC. They’re not a fan of regulatory overreach. And statistically, if you lose, your chances of getting the Second Circuit to reverse is around 10% or less.”
Alderoty also said he believes the Second Circuit will either uphold or expand Judge Torres’ ruling, adding that the SEC’s best possible outcome might be a remand to the lower court.
