In the ongoing SEC v Ripple lawsuit, the U.S. Court of Appeals for the Second Circuit has issued its first order, establishing January 15, 2025, as the deadline for the U.S. Securities and Exchange Commission (SEC) to file its principal brief. This ruling follows the SEC’s request for a formal timeline regarding its appeals.
The court clarified that any motions to extend the deadline or seek additional relief will not be granted, indicating that there will be no significant developments in the case until the established date.
Details of the Court’s Order
The appeals court’s order was prompted by the SEC’s filing, which sought to clarify the timeline for its appeal against Ripple Labs and its executives, CEO Brad Garlinghouse and Executive Chairman Chris Larsen. The SEC has accused them of violating securities laws through the sale and distribution of XRP, claiming that these transactions constituted the sale of unregistered securities.
Ripple’s legal team is working to dismiss these charges, challenging whether an “investment contract” necessarily requires a formal contract and whether post-sale obligations exist. They are also questioning how the long-standing Howey test applies to cryptocurrencies and have revived their fair notice defense in light of the SEC’s claims.
Both Garlinghouse and Larsen are represented by the same attorneys who successfully had all claims against Garlinghouse dismissed in a previous district court ruling.
Market Impact and Current XRP Trading
As developments unfold, XRP continues to trade below $0.52, recently hovering around $0.51. The price has seen a slight decline of 1% over the past day, with a 24-hour low of $0.503 and a high of $0.520. Despite this, trading volume has surged by 40% in the last 24 hours, signaling renewed interest among traders.
Analysts have mixed predictions for XRP’s future, with some forecasting a price target as high as $25, while others remain cautious due to the ongoing legal challenges. The crypto community watches closely as the SEC and Ripple navigate this pivotal legal battle.
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