Ripple has requested additional time to file the next legal brief in its appeal against the U.S. Securities and Exchange Commission (SEC). The SEC believes XRP remains a security under the Howey Test.
SEC Challenges Court Ruling on XRP Sales
The SEC filed its appeal brief last week, reaf-firming that all tokens, except Bitcoin, are securities. Ripple's legal team argues the SEC has not demonstrated that retail XRP buyers expected gains from Ripple's operations. Pro-crypto attorney Jeremy Hogan called the extension request 'typical,' noting that the SEC once took 90 days to prepare its initial brief.
New SEC Leadership Sparks Speculation
Ripple’s legal strategy may also be influenced by recent leadership changes at the SEC. Crypto advocate Mark Uyeda is acting chairman, replacing crypto adversary Gary Gensler. New appointments are expected to improve the case, noted Ripple's Chief Legal Officer Stuart Alderoty. Meanwhile, nonprofit Better Markets filed an amicus brief supporting the SEC, claiming the court misrepresented the Howey Test, opening regulatory gaps harmful to investors.
Ripple's Political Connections: Questions Arise
Ripple's ties with the Trump administration have also been in focus. Reports indicate CEO Brad Garlinghouse and Stuart Alderoty met Donald Trump at Mar-a-Lago in December. This meeting, combined with XRP's $125 billion value surge since Trump's re-election, raised suspicions about possible political influence on the case.
The Ripple vs. SEC case continues to unfold, drawing attention to both legal and political factors. The case's outcome, expected in 2025, remains to be seen.
