Lawyer: No new trial or evidence in Ripple appeal, amicus briefs will play an important role

The SEC’s battle with Ripple Labs is intensifying, and attorney Fred Rispoli says one of the outcomes of this battle could be a win for Ripple. Recently, the SEC is seeking to extend its deadline to file its main brief until January 15, 2025. Rispoli claimed: “The SEC often seeks extensions not only because it wants to delay, but also because it may be stretched thin to deal with all the pending cases.” He also clarified that appeals are essentially just paperwork, with no new trials or evidence. Each party files three core documents: an opening statement, an opposition statement, and a reply statement. In this case, the appeal includes a cross-appeal from the SEC and Ripple. After these documents are filed, the court will schedule oral arguments. This should allow both parties to present their cases before a panel of three judges. The SEC also filed a request to set a deadline for its main brief in the appeal case against Ripple. Rispoli said the SEC’s request for an extension is consistent with his expected timeline for the appeal, and that oral arguments (likely in September or October 2025) are expected to provide early clues about the judge’s position, which could hint at the case’s ultimate outcome. Those dates could be pushed back further, though, if the court grants more extensions, which is often the case in the Ninth Circuit. In addition, Rispoli said amicus briefs will play an important role in appeals. Briefs filed by third parties can bring new insights that impact a case. Appeal judges should take them seriously, he said, especially because they are likely to be more numerous and more influential than those filed in district court. For comparison’s sake, there were 14 amicus briefs filed in the Ripple case, six in the Coinbase case, and eight entities filed briefs in the Grayscale case. When asked if the new legislation could render the SEC’s appeal moot, Rispoli explained that clear law could have that effect. If Congress passes cryptocurrency legislation by the end of the year and it takes effect on January 1, 2025, Ripple's legal team will file a supplemental notice of mandate with the Second Circuit, arguing that the new law is relevant to their case. (CoinGape)