The U.S. Securities and Exchange Commission (SEC) faces a critical January 15, 2025, deadline to appeal in its ongoing legal battle with Ripple Labs, as ordered by the Court of Appeals for the Second Circuit. Missing this deadline will lead to the dismissal of the appeal.
Details of the XRP Lawsuit
On August 7, 2024, Judge Torres ruled that Ripple should pay $125 million in penalties, much less than the $1.95 billion initially requested by the SEC. Despite expectations that the SEC would accept this decision, the regulator formally appealed in early October, challenging the classification of XRP sales on exchanges and within the company.
Legal Expert Weighs In on the SEC’s Strategy
Pro-XRP attorney Jeremy Hogan expressed confidence that the SEC would meet the appeal deadline. Hogan emphasized that the current administration would likely proceed before leadership changes, anticipating that the new leadership might choose to settle or dismiss the case.
Potential Outcomes of the Decision
The dismissal of non-fraud cases by new SEC leadership could conclude the protracted legal dispute and allow XRP to move freely in the market. This aligns with the expectations of crypto industry experts who predict a favorable outcome for Ripple.
The SEC's decision on the appeal against Ripple remains a focal point in the crypto community, with potential market implications depending on the new leadership's approach.
