TheU.S.SecuritiesandExchangeCommission(SEC)ismovingforwardwithitsappealinthehigh-profilecaseagainstRippleLabs,requestingadeadlineextensionforfilingitsprincipalbrief.TheSEChasinvokedLocalRule31.2(a)(1)(A),whichoutlinesthebriefingscheduleforappeals.Itallowstheappellant91daysfromthe“readydate”tofileitsbrief.
SECFilingonPrimaryBriefDeadline
EleanorTerrett,ajournalistfromFOX,reportedonXthatthisproceduralmoveisstandard.Shesaid,“Prettynormalproceduralstuffhere.TheSECisrequestingadeadlineforitsprincipalbrief.”Ripple,ontheotherhand,isalsotakingstepstoadvanceitscaseintheongoingXRPvs.SEClawsuit.
Today,thecompanyisexpectedtofileitsFormC,adocumentoutliningthekeyissuesRippleplanstoappealintheSEC’scaseattheSecondCircuitCourt.Ripple’sfocuswillbeonthedistrictcourt’srulingthatitsinstitutionalsalesofXRPconstitutedunregisteredsecurities,adecisionthefirmisdeterminedtooverturn.
Prettynormalproceduralstuffhere.The@SECGovisrequestingadeadlineforitsprincipalbriefpursuanttoLocalRule31.2(a)(1)(A).https://t.co/kxboYNTnhypic.twitter.com/iihqhBlcS9
—EleanorTerrett(@EleanorTerrett)October24,2024
Lastweek,theSEChadappealednearlyallunfavorablerulingsinthedistrictcourt,whileRippleisappealingthissingularbutcriticalissue.TheXRPfirm’slegalteamremainsconfidentabouttheirchancesintheSecondCircuit,withStuartAlderoty,Ripple’sChiefLegalOfficer,expressingoptimismduringaninterviewwithTerrettlastweek.
“Ifeltgoodaboutourcaseatthedistrictlevel.IfeelevenbetteraboutourcaseattheSecondCircuitforawholebunchofreasons,”saidAlderoty.HealsoemphasizedtheSecondCircuit’shistoricalstanceagainstregulatoryoverreachbyagenciesliketheSEC.Headded,“ThesecondcircuittraditionallyisnotafanoftheSEC.They’renotafanofregulatoryoverreach.”
ChancesofFavorableRulingforXRP
Alderotywentfurther,statingthatRipple’soddsofsecuringafavorableoutcomearestrong,especiallygiventhestatisticallikelihoodofareversalintheSecondCircuit.“Statistically,ifyoulose,yourchancesofgettingtheSecondCircuittoreverseisaround10%orless,”hesaid.However,hetemperedhisconfidencewithcaution.
Alderotyremarked,“I’msuperstitiousasalitigator,soIdon’tliketopredictresults,certainlynotguaranteeresults,butIfeelverygoodabouttheSecondCircuitresult.”Meanwhile,RippleCEOBradGarlinghousealsoremainsconfidentinthecompany’slegalposition.
🚨NEW:Today,@RipplewillfileitsFormC,outliningatahighlevelwhatitwillseektoappealinthe@SECGov’scaseintheSecondCircuit.
Aswesawthe@SECGovappealnearlyeverythingitlostonatthedistrictcourtlevellastweek,Rippleisexpectedtoappealtheonly…
—EleanorTerrett(@EleanorTerrett)October24,2024
Hesaid,“Iamsoconfidentthatwe’regoingtowintheappealandthatwouldreallyputadaggerinGaryGensler’swholeagendaaroundcryptoregulation.”Garlinghousehighlightedthathefeelsnopressureregardingtheoutcome.Hestated,“I’mnotlosinganysleepoveritatall.I’msoconfidentaboutitbecauseIbelievewe’reontherightsideofthelaw.Ithinkwe’reontherightsideofhistory.”
BothAlderotyandGarlinghouseexpecttheSecondCircuittonotonlyupholdDistrictJudgeAnalisaTorres’ruling,butalsotofortifyit.ThiswouldmaketheSEC’spositionincreasinglytenuousasthecaseprogressesthroughthecourts.Currently,themarketisawaitingtheXRPfirm’sFORMCfilingduetoday.
cryptonewsz.com