In a recent filing with the U.S. Court of Appeals for the Second Circuit, Ripple Labs has requested an April 16, 2025, deadline for its cross-appeal brief in the ongoing legal battle with the Securities and Exchange Commission (SEC).
This request comes after the SEC recently filed its brief, contesting the lower court’s ruling that retail sales of XRP did not constitute securities transactions.
In July 2023, Judge Analisa Torres ruled in favor of Ripple on the retail sales of XRP, a significant victory for the crypto industry. However, the court found that Ripple violated securities laws in its institutional sales.
The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging violations of securities laws. Market observers are keenly watching the case and speculating whether the SEC will withdraw its appeal given the recent shift in regulatory focus.
The appointment of a crypto task force by acting SEC chair Mark Uyeda and the recent executive order on crypto issued by the President underscore a changing regulatory landscape. This extended deadline for Ripple’s brief allows for further developments in the regulatory sphere and may influence the SEC’s next moves.
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