- Ripple and the SEC agree to file a deferred appendix 21 days after the appellee’s brief is served.
- The SEC’s opening brief remains due by January 15, 2025.
- Ripple’s legal chief is dissatisfied that the SEC is sticking to the January 15 deadline for filing its opening appeal brief.
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have agreed to file a deferred appendix as part of their cross-appeals. Under the stipulation, both parties will submit the appendix 21 days after the appellee’s brief is served.
Defense attorney James Filan shared the update on X (formerly Twitter), noting this simplifies the process by focusing on documents directly cited in briefs. The appeals follow the August 2024 ruling by the Southern District of New York, which delivered partial victories to both parties.
While Ripple secured a decision stating XRP’s open-market sales do not constitute securities offerings, the SEC prevailed in its claim against Ripple’s institutional sales. Both parties are now challenging these outcomes in court.
Under the stipulation, the deferred appendix will focus on including only the materials referenced in the briefs, simplifying court proceedings. Such an approach is often used to reduce administrative burdens during complex litigation.
SEC’s Opening Brief Sets For Today
The SEC’s opening brief is scheduled for submission today, January 15, 2025. The agency aims to overturn the favorable rulings Ripple received, while Ripple prepares to counter these arguments in its response brief. Ripple’s cross-appeal will address unresolved issues, further intensifying this high-profile legal battle.
Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Christian Larsen, are also appealing aspects of the case, represented separately from Ripple Labs. XRP holders and stakeholders continue to monitor developments closely.
Ripple’s Alderoty Criticizes SEC’s Tactics
Ripple’s Chief Legal Officer Stuart Alderoty has expressed dissatisfaction with the SEC’s decision to stick to the January 15 deadline for filing its opening appeal brief. He noted that Ripple had sought an extension, but the regulatory body declined, opting to maintain the original timeline.
Alderoty criticized the SEC’s stance, labeling it a misuse of resources and public funds. Nevertheless, he conveyed optimism that the appellate court would uphold Ripple’s partial victory in the ongoing legal battle.
Alderoty also highlighted the upcoming departure of SEC Chair Gary Gensler, stating that the change in leadership, with Paul Atkins expected to take over, may pave the way for a resolution. Ripple hopes to engage with the new administration to bring the lengthy case to a conclusion.
Legal Expert Explains Court Protocols
Meanwhile, in a separate clarification, legal expert James Farrell noted that court clerks, not the parties involved, control deadlines. Adjustments are only granted in exceptional situations, such as emergencies. Farrell emphasized that even if Ripple and the SEC had reached an agreement on timing, it would still require the court’s approval.
Ripple’s ongoing legal challenges remain a focal point for the crypto community, with XRP’s future tied closely to the outcome of this case.
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