Thomas Daniels
The deadline for Ripple Labs’ cross-appeal brief in its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC) has been set for April 16, 2025. Ripple co-founder Chris Larsen and CEO Brad Garlinghouse supported the move, which was filed on January 23, 2025, with the U.S. Court of Appeals for the Second Circuit.
Michael Kellogg, a lawyer for Ripple, filed the document, which read as follows:
Regarding the aforementioned appeal and cross-appeal, I am writing on behalf of Appellee-Cross-Appellant Ripple Labs Inc. (‘Ripple’). In accordance with Rule 31.2(a)(1)(B) of this Court, Ripple requests that its brief be due on April 16, 2025. Appellees Christian A. Larsen and Bradley Garlinghouse are permitted to join in this request, I may say.
SEC vs. Ripple: Important Developments
In a recent brief, the SEC contested the July 2023 decision of New York District Court Judge Analisa Torres. An important victory for Ripple and the larger cryptocurrency market was achieved when the court determined that the retail sales of XRP (XRP) were not securities. But when it came to institutional sales of XRP, the court determined that Ripple had violated securities regulations.
Since the SEC filed a lawsuit against Ripple, Larsen, and Garlinghouse in December 2020 for allegedly selling unregistered securities, this matter has been the focus of regulatory attention. The conclusion of the lengthy legal struggle, which has been keenly watched, is probably going to influence how digital assets are regulated in the United States.
Market Consequences and Regulatory Advancements
Market watchers are beginning to speculate that the SEC’s new leadership may change how it handles the case. On January 21, 2025, Acting SEC Chair Mark Uyeda announced the creation of a crypto task team, suggesting a possible change in the agency’s regulatory approach. The task force may decide to drop some litigation in its efforts to create a more organized framework for the bitcoin industry.
In addition, on January 23, 2025, U.S. President Donald Trump signed an executive order creating a working committee to discuss legislative options and cryptocurrency regulation. In an indication of more significant legislative changes in the cryptocurrency sector, the directive alluded to the potential creation of a national digital assets reserve.
The next phase of this well-known lawsuit will probably be greatly influenced by Ripple’s cross-appeal filing date, as the business continues to defend its stance in the face of shifting regulatory conditions.
