Ripple Labs has formally requested an April 16, 2025, deadline for filing its cross-appeal brief in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Michael Kellogg, a member of Ripple’s legal team, submitted the request, and the support of Ripple CEO Brad Garlinghouse and co-founder Chris Larsen was noted. This development follows the SEC’s January 15 appeal, which argued that the New York District Court erred in its 2023 ruling.
Specifically, the SEC contends that XRP sales to retail investors should have been classified as securities. The agency claimed that XRP was distributed as employee compensation and in business deals and improperly excluded from securities regulations.
Also Read: Ripple Lawsuit Gets New Twist as New Appeal Emerges in Unregistered Securities Case
Ripple’s partial victory in the 2023 ruling concluded that XRP sales to retail investors did not qualify as securities. Still, the company was ordered to pay over $125 million for violations tied to institutional sales.
Will the Case be Dropped?
Ripple’s request again turned the spotlight on this critical crypto court case. Speculations are mounting over whether the SEC might withdraw its appeal altogether. The possibility of such a move has become a talking point in legal circles following Ripple’s filing.
Jeremy Hogan, a partner at Hogan & Hogan and a notable voice in the legal commentary surrounding the case, shared his perspective on social media. He stated, “This is very standard. The SEC also had 90 days to draft its initial brief. The only question is, will the brief need to be filed?”
The comment underscores the uncertainty surrounding the SEC’s next steps. While Ripple has requested the necessary time to prepare its cross-appeal brief, some observers believe the SEC could reassess its position in light of the case’s ongoing scrutiny and previous rulings.
As the April 16 deadline approaches, the focus remains on how the SEC will proceed and whether this prolonged legal battle will take an unexpected turn. The outcome of this case holds significant implications for the broader cryptocurrency landscape and its regulatory framework.
Also Read: Attorney Criticizes the New Amicus Brief in the Ripple vs. SEC Lawsuit
