SEC Requests Extension In Ripple Lawsuit Appeal

According to U.Today, the U.S. Securities and Exchange Commission (SEC) has requested an extension until January 15, 2025, to file its principal brief in the ongoing appeal phase of its lawsuit against Ripple. This request follows a series of procedural delays and missed deadlines that have prolonged the case. James K. Filan, a legal expert, shared this update with the XRP community, highlighting the SEC's letter to the court requesting the new deadline. The appeals process is expected to extend well into next year, with the crypto community eagerly awaiting the outcome. In a recent development, Ripple filed the Civil Appeal Pre-Argument Statement (Form C) in the U.S. Court of Appeals for the Second Circuit, challenging certain elements of a key ruling in its legal battle with the SEC. This move comes a week after the SEC filed its Form C with attachments, contesting specific portions of a 2023 court judgment that partially favored Ripple in its sale of XRP to investors. The XRP community has reacted to these latest developments. Bill Morgan, an XRP enthusiast and attorney, believes the SEC's recent actions may indicate a strategy of delay or a lack of confidence in its case. Morgan noted that Judge Torres' judgment is receiving positive feedback in SEC cases involving exchanges. He also pointed out the SEC's pattern of last-minute filings, including its notice of appeal submitted near the end of the 60-day period following Judge Torres' August 7 final judgment. The SEC's Form C was also filed late last week, sparking speculation that it was submitted a day late. Morgan commented on the SEC's history of filing documents at the last moment and frequently seeking extensions since the case began against Ripple in December 2020. He suggested that the SEC's request for a maximum of three months to file its brief, five months after the final judgment, could be a tactic to delay the legal process or a sign of uncertainty about its prospects in the appeal.