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The U.S. Securities and Exchange Commission (SEC) requests a 2025 deadline for filing its main appeal brief in its lawsuit against Ripple.
Prominent defense lawyer James Filan shared a screenshot of the SEC’s request on X yesterday. The SEC submitted the motion to Catherine O’Hagen Wolfe, the clerk of the Court of Appeals for the Second Circuit.
Per the filing, the commission requests that January 15, 2025, be set as the deadline for filing its principal brief. The request comes a week after the SEC filed its pre-argument statement detailing the issues it seeks to appeal in the Ripple ruling.
In the upcoming principal brief, the SEC is expected to shed more light on why it believes Judge Analisa Torres erred in her decision on Ripple’s programmatic sales and other distributions of XRP. At press time, the Second Circuit has yet to issue a decision regarding the SEC’s request.
Not a Delay Tactic
Expectedly, several XRP enthusiasts speculated that the SEC’s request is part of the commission’s effort to delay the lawsuit’s resolution.
However, prominent XRP community figure Sherrie emphasized that the request is not a delay tactic. According to her, the requested deadline is within the 91-day timeframe the court allows under Local Rule 31.2.
FYI: this is NOT the SEC asking for a delay. The date is within the 91 days that the court allows per Local Rule 31.2 pic.twitter.com/2AgDh0Dcgm
— Sherrie 🌸 (@CherryEmpress21) October 24, 2024
The rule mandates the appellant to notify the court clerk about the deadline it seeks for its appeal brief filing. This deadline is expected to fall within 91 days after the completion of the preliminary stage.
Failure to comply with this directive will prompt the Second Circuit to automatically set the appeal brief deadline at 40 days after the “ready date.”
Attorney Hogan Reacts
Reacting, attorney Jeremy Hogan, a partner of Hogan & Hogan law firm, humorously suggested that it would be shameful for the SEC to complete its brief by January 15, 2025, only for a new president inaugurated five days later, January 20, to fire the SEC chair Gary Gensler and appoint a new chair, who might drop the Ripple appeal.
It bears mentioning that the Republican Party’s Presidential Candidate, Donald Trump, has made his intentions for Gensler clear. The former U.S. president promised to sack Gensler at the beginning of his administration.
If Trump appoints a pro-crypto SEC chairperson, the new official could decide to settle with Ripple, potentially ending the lawsuit.