There are rumors of an attempt by the United States Securities and Exchange Commission (SEC) to delay the conclusion of legal battle with cryptocurrency payments company Ripple Labs. This alleged delay could cause the Ripple vs. SEC legal saga to extend into 2025, further prolonging over three-year process.
Will the SEC delay the Ripple case until 2025?
Due to failure to meet the deadline set by the Court for filing a cassation appeal, W US SEC submitted an application for an extension of the deadline. On October 24, James K. Filan, defense attorney and former federal prosecutor, revealed that the SEC has formally requested a postponement of the filing of its main appeal against Ripple until January 15, 2025.
News of the deadline extension request sparked rumors throughout the XRP community and the broader cryptocurrency space, suggesting that the SEC was trying to delay the legal battle against Ripple until 2025. Many people XRP enthusiasts and supporters have expressed their frustration with the seemingly never-ending battle that continues beyond affected Ripple’s finances in terms of legal fees, but was also the main reason for the industry’s indigent performance XRP price.
Popular cryptocurrency analyst and XRP supporter identified as “XRPcryptowolf” he stated that the SEC was deliberately trying to delay the inevitable conclusion of the legal battle with Ripple. He expressed such hope former US president Donald Trump will win the upcoming US presidential election, remove the current SEC chairman, Gary Gensler and withdraw the XRP appeal.
Former SEC prosecutor denies rumors of delay
Another member of the XRP community has expressed concerned about the SEC’s repeated delays in the Ripple case and questioning how long these extensions might last. He stated emphatically that the judge should deny the SEC’s request for an extension of time and finally end the three-year-old case.
In response to the XRP member’s statements, former SEC lawyer Marc Fagel explained that the SEC did not “pause” its legal battle with Ripple. He explained that this deadline has already been established in the Court’s rules, which allow for a deadline of 91 days.
Replying to Fagel, a member of the XRP community he argued that the SEC orchestrated a “sham lawsuit” that dragged on for over four years without providing any fresh evidence or defense in its favor. Fagel responded by defending the U.S. Securities and Exchange Commission, pointing out that the Court had already found that Ripple raised over $700 million through the transaction unregistered sale of securities.
While the former SEC lawyer acknowledges that federal litigation can be a sluggish and drawn-out process, he revealed that the four-year delay in the ongoing legal battle is not the result of SEC action. Instead, he noted that the SEC is fulfilling its regulatory role as defined by Congress.
Despite rumors that the Ripple legal battle could drag on into 2025, the court has not yet approved the SEC’s request to extend the deadline miniature appeal. The XRP community continues to closely monitor further updates as the legal dispute continues.
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