The United States Court of Appeals for the Second Circuit said so released resolution in the XRP lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. The court ordered the SEC to file an appeal notice by January 15, 2025, setting a deadline.

Ripple Update: Up-to-date SEC Filing Deadline

The court’s order dated October 31, 2024 states unequivocally: ” IT IS HEREBY ORDERED that Appellant-Cross-Appellee’s brief must be filed by January 15, 2025. The appeal is dismissed, effective January 15, 2025, if the brief will not be submitted by this date. A request to extend the deadline for filing a lawsuit or to obtain other relief does not affect the date of filing the application.”

This stringent directive emphasizes that failure to comply will result in dismissal of the SEC’s appeal, underscoring the court’s emphasis on compliance with procedural deadlines.

The court’s order follows recent controversy surrounding the SEC’s Form C filing, which outlines specific issues the agency intends to raise in the appeal proceedings. There has been significant speculation within the XRP legal community that the SEC missed the deadline to file this key filing.

The SEC managed to file Form C just before the debated deadline of October 17, 2024. The exact deadline was in dispute, with discussions centering on whether it was October 16 or 17. Missing the deadline could have jeopardized the SEC’s ability to proceed with the appeal. However, legal experts have noted that while failure to meet such a deadline constitutes a procedural error, courts often give federal agencies some latitude to correct these errors.

The court’s order sparked noticeable reactions from lawyers involved in the XRP community. XRP pro-lawyer Bill Morgan commented on X: “At least the consequences of missing this deadline are clear.”
Commercial litigator and Bitcoin supporter Joe Carlasare noted: “This is a standard order.” Carlasare’s comment suggests that while the order is stringent, it follows typical procedural guidelines in appellate cases that do not address the SEC’s previous Form C filing.

Adding another layer of complexity, the upcoming U.S. presidential election could significantly impact the SEC’s approach to this matter. If former President Donald Trump is successful in his challenge to Vice President Kamala Harris, regulatory leadership could change. At the Bitcoin 2024 conference, Trump boldly asserted that he would fire Securities and Exchange Commission Chairman Gary Gensler on day one.

The statement fueled speculation that the recent SEC chairman under Trump may decide to drop the case against Ripple before the January 15 deadline. However, if Trump loses, the next essential date will be set in the Ripple vs. SEC case.

At press time, XRP was trading at $0.5117.

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