XRP Lawsuit: SEC Under Deadline Pressure with Consequences Set for 2025
Anjali Belgaumkar1 Nov 20241 min read
In the ongoing legal battle between the SEC and Ripple regarding XRP, significant developments have emerged. The Second Circuit Court of Appeals has set a deadline for the SEC to submit its brief by January 15, 2025. Attorney Bill Morgan commented on this, noting that the consequences for missing this deadline are now clear.
The Ripple vs. SEC case has captured attention in the cryptocurrency world. Previously, the SEC filed an appeal challenging a previous court decision related to institutional sales of XRP. This appeal suggests that the SEC disagrees with the judge’s ruling and seeks to revisit the issue. However, there was confusion which hinted that the SEC had missed the deadline.
Many analysts suggest that the SEC is just overwhelmed with the amount of cryptocurrency regulation and litigation they have to handle, especially with so many new cryptocurrencies emerging.
Brian Armstrong, CEO of Coinbase, recently advocated for the next SEC chair to withdraw all frivolous cases and issue an apology to the American public. He argued that this would help restore trust in the SEC and many believe that significant changes are on the horizon, especially with the upcoming elections.
Ripple and XRP are here to stay
Ripple continues to expand its customer base, recently gaining licensing from the Dubai Financial Services Authority (DFSA). With over 20% of its global customers based in the UAE, Ripple’s growth enhances the adoption of XRP and the XRP Ledger in international markets.
Brad Garlinghouse, Ripple’s CEO, has expressed confidence that an XRP ETF is inevitable. The approval of Bitcoin ETFs has heightened interest in cryptocurrency investments, and a similar trend for XRP could exert upward pressure on its price.
