Ripple recently asked for a deadline of April 16, 2025, to submit its response in the case, as the legal battle between Ripple and the Securities and Exchange Commission (SEC) continues.
This request of Ripple’s has come after the SEC filed its appeal brief, showcasing it is determined to challenge the earlier court ruling even after Gary Gensler’s exit from the financail watchdog.
Earlier, the court ruled that some XRP sales were not securities, giving hope that the SEC might step back. However, the SEC has appealed, claiming the court made fundamental mistakes and arguing that XRP sales on exchanges should be considered securities.
The legal team of XRP, led by Stuart Alderoty, is confident the SEC’s appeal will fail and believes that stronger arguments will triumph in court.
Alderoty characterized the SEC appeal as “just noise.” He claimed that the appeal just rehashes past arguments and predicted that the next administration will likely drop the issue. Ripple remains sure that they will win and that a new age of regulatory support for innovation is on the way.
Attorney Jeremy Hogan, who has been closely watching the case, has criticized the SEC appeal and described it as “lackluster.”
He also said that it is weak and the SEC still struggles to prove that XRP buyers expected profits from Ripple’s efforts. This is especially true for those buyers who were unaware of Ripple as a company. Hogan doubts the SEC will succeed in its appeal.
Also Read: Ripple vs SEC: Better Markets Backs the Appeal Fight
