The crypto community is closely monitoring the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, especially as the SEC’s appeal deadline approaches.
According to Britto, a community dedicated to Arthur Britto, co-founder of the XRP Ledger, the SEC has until January 15, 2025, to file its appeal brief in the Ripple case. Britto raised the question on Twitter about the possibility of dismissal should the SEC fail to meet this deadline.
Former SEC attorney Marc Fagel responded to Britto’s inquiry, stating that the notion of an appeal dismissal due to a missed deadline is unrealistic.
He clarified, “People who think a federal lawyer has the option of simply not filing a brief that is due to the court should maybe first talk to an actual lawyer.” This statement underscores the improbability of a case being dismissed merely because of delays, provided the necessary filings are eventually submitted on time.
People who think a federal lawyer has the option of simply not filing a brief that is due to the court should maybe first talk to an actual lawyer…
— Marc Fagel (@Marc_Fagel) January 13, 2025
Timing and Procedural Norms in Litigation
In a follow-up question, Britto asked if it is typical for federal agencies like the SEC to delay filings until the last moment. Fagel explained that such behavior is not unique to the SEC but rather a standard practice in litigation.
“In 30 years of litigation, the number of times I saw a lawyer (private or public sector) file a brief before it was due was roughly zero,” he remarked. This insight emphasizes that last-minute filings are a normal aspect of legal proceedings and not necessarily indicative of strategic foot-dragging by the SEC.
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Prospects for the Ripple Case Resolution
Britto also sought Fagel’s perspective on when the case might conclude. Fagel estimated that a ruling on the SEC’s appeal could take an additional 10 to 12 months following the filing of the appeal brief.
He also addressed the possibility of the SEC dropping its appeal, representing a significant shift in strategy. Noting that dismissing an appeal is highly unusual, Fagel added, “Given their public views of crypto, [a new SEC administration] is something they’re probably inclined to do.”
This suggests that a potential change in leadership at the SEC could influence the agency’s approach to the Ripple case. However, the likelihood of such a development remains uncertain, particularly given the agency’s consistent stance on digital assets under its current administration.
Implications for the XRP Community
The outcome of this case holds significant implications for XRP and the broader cryptocurrency market. A prolonged legal battle could delay regulatory clarity for XRP and other digital assets.
Meanwhile a resolution—whether through a court ruling or an SEC decision to withdraw its appeal—could set a precedent for crypto regulation in the United States.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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