Expert Reveals if Atkins Will Dismiss The Case
The XRP lawsuit against Ripple is about to have an important court date. A U.S. appeals court has set a deadline in the case. Ripple must submit a mediation questionnaire by December 23, 2024, and a court brief by March 6, 2025. Ripple has until April 7, 2025 to respond to the brief. However, a possible U.S. government shutdown could cause delays in cases.
Ripple remains hopeful that the case may be dismissed, but some critics, such as former SEC official John Reed Stark, believe Ripple’s ruling has created confusion. He believes this does not adequately protect retail investors and could affect how cryptocurrency companies argue that their tokens are not securities.
However, XRP enthusiasts are confused and eager as to how long this situation might last. Former SEC lawyer Marc Fagel wrote on social media, “The appeal will continue for now and the entire process will take about a year. But it is possible that the new administration will decide to take action to dismiss the appeal. I can’t remember before It happened, but it’s possible and it’s possible.”
Stark also warned of the potential for a major conflict between the Trump administration and Gary Gensler’s SEC pick. Stark described Gensler’s recent promotion as part of a “deep state crusade” to secure influence before leaving office. Stark predicted that Atkins’ team would move quickly to quash the cryptocurrency investigation.
SEC preparing to shut down?
On December 13, 2024, the SEC’s Division of Corporate Finance issued guidance to help companies prepare for a possible closure. A government shutdown can complicate legal cases, delay decision-making, and increase stress for everyone involved. The SEC’s delayed response could give Ripple more time to prepare its defense, but could also delay a final decision on XRP’s regulatory status.
