Ripple seeks April deadline for cross-appeal brief in SEC case

Jan 24, 2025 at 9:28 PM UTC

Edited by Jayson Derrick

News

Ripple Labs has filed a request with the U.S. Court of Appeals for the Second Circuit seeking an April 16, 2025 deadline for its cross-appeal brief in the Ripple vs. SEC case.

The Ripple Labs legal team filed the request on Jan. 23, with the crypto company’s legal team noting that Ripple co-founder Chris Larsen and chief executive officer Brad Garlinghouse “join in this request.”

“I write on behalf of Appellee-Cross-Appellant Ripple Labs Inc (“Ripple”) concerning the above appeal and cross-appeal. Under this Court’s Rule 31.2(a)(1)(B), Ripple requests a due date of April 16, 2025 for its brief. I am authorized to state that Appellees Bradley Garlinghouse and Christian A. Larsen join in this request,” Ripple Labs legal team member Michael Kellogg wrote.

The SEC recently filed its brief, arguing against the ruling that retail sales of XRP (XRP) were not securities.

In July 2023, Judge Analisa Torres of the New York District Court ruled that XRP was not a security, marking a notable victory for Ripple and the broader crypto industry. However, the court determined that Ripple violated securities laws in its institutional sales of the XRP token.

Ripple and the SEC have remained locked in a legal battle since the U.S. securities watchdog filed a lawsuit against the company and its executives in December 2020. Despite this being standard procedure in the U.S. court system, market observers are speculating whether the new SEC leadership might withdraw its appeal before Ripple files its cross-appeal brief.

On Jan. 21, acting SEC chair Mark Uyeda announced a crypto task force to look into the agency’s approach to regulation of the sector amid plans to develop a clear framework. SEC has also been said to be looking at withdrawing certain crypto lawsuits.

Two days later, U.S. President Donald Trump signed a crypto executive order establishing a working group to address crypto regulation and legislative proposals. The executive order also referenced a potential digital assets stockpile.