The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has entered a crucial phase as Ripple-related civil actions were removed from the SEC's website. The case is now moving to the Court of Appeals for the Second Circuit.
Ripple Case Developments
Legal analyst Jeremy Hogan explained that while Ripple has been removed from the SEC's litigation section, it has moved to the 'cases on appeal' section. The case is still listed on the appellate court's website, with no new filings so far.
Expert Opinions
As of January 23, 2025, Ripple has formally requested an extension, setting a due date of April 16, 2025, for its response brief. This follows the SEC's January 15, 2025, filing aiming to overturn key aspects of the prior district court ruling. The SEC challenges the decision regarding XRP sales to retail investors. The district court previously ruled that while XRP itself is not a security, Ripple’s direct sales to institutional investors were deemed securities transactions. Another user identified as a lawyer noted that the court case remains active, as per the PACER system.
Impact on the Crypto Industry
Ripple CEO Brad Garlinghouse recently shared his thoughts on the crypto market, calling for an end to maximalism and urging the industry to work together. Garlinghouse, who holds XRP, Bitcoin, and Ethereum, believes that the crypto space needs to embrace multiple assets for long-term growth. Meanwhile, former Treasury Secretary nominee Scott Bessent, known for his pro-Bitcoin stance, has been confirmed, signaling a more crypto-friendly environment in the U.S.
The ongoing developments in the SEC vs. Ripple case could significantly impact future crypto regulations, with potential long-term consequences for the industry.
