Expert Reveals Why SEC Won’t Miss January 15 Deadline and Risk Dismissal
The SEC’s appeal deadline in the Ripple XRP lawsuit is approaching, with a key date of January 15, 2025. Previously, Judge Torres ruled that XRP itself is not a security, although the sale classification depends on the specific circumstances of XRP. Contract involved. Although the SEC’s appeal may still be filed on time, there is growing speculation that SEC Chairman Gary Gensler may delay the appeal or take last-minute action before his term ends on January 20.
“The SEC’s key deadline to appeal the Ripple case is this Wednesday, January 15, 2025. If the SEC misses this deadline, will the case be dismissed?”
In response to this question, former SEC attorney Marc Fagel explained that federal attorneys do not simply ignore filing deadlines. He added that in his 30 years of litigation experience, it was rare for lawyers to file briefs in advance. As for the Ripple case, Fagel said that unless the new SEC administration decides to dismiss the appeal, it could take 10 to 12 months for an appeal decision to be made. Given the SEC’s current stance on cryptocurrencies, he believes a firing is unlikely, but still possible.
Asked whether a dismissal would provide more clarity, Fagle said the 2nd Circuit’s ruling would be ideal to clarify the issue. A dismissal would preserve the district court’s original ruling and provide some guidance, albeit to a limited extent.
in conclusion:
Despite the underlying strategy, many believe the future of the case could soon change under the new administration, as figures such as Trump appointees and cryptocurrency advocates grow in stature. Washington’s crypto-friendly environment gets even stronger. Even if the SEC takes unexpected action, legal experts believe it may not have a lasting impact as crypto-friendly policies continue to take shape.
