Ripple Labs has formally requested a deadline for its cross-appeal brief in its legal dispute with the US Securities and Exchange Commission (SEC), a standard procedure in legal practices.
The Ripple and SEC Case
On January 23, Michael Kellogg, a member of Ripple’s legal team, noted that Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen joined in this request. A brief deadline is when a party must submit its arguments in writing to the court.
Arguments and Court Decisions
On January 15, the SEC argued that the New York District Court improperly ruled that XRP, sold to retail investors, was not a security. The 2023 court ruling marked a partial victory for Ripple. Judge Torres later ordered Ripple to pay the SEC over $125 million for securities law violations.
Questions on SEC's Stance
Some anticipate that the SEC may withdraw the case. Since the start of 2023, Mark Uyeda has been leading the agency. Some believe that Ripple's appeal brief may not be necessary. President Donald Trump's administration continues to support digital asset initiatives.
While uncertainty persists, Ripple continues to defend its position in court. The outcome could have significant implications for the cryptocurrency industry.
