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The Ripple vs. United States Securities and Exchange Commission (SEC) lawsuit has dragged on for four years. Following the court ruling, stakeholders thought the matter had been settled. However, the SEC appealed the judgment, opening another chapter in the long-drawn legal battle.
Fred Rispoli, a renowned crypto attorney, has shared crucial insights into the recent appeal by the U.S. SEC. He did this on the “Good morning Crypto Show” to clarify the lawsuit. Rispoli believes the exercise remains a tactic by the regulatory authority to stretch out the case without a win in sight for it.
Ripple’s Legal Pathway and Potential Appeal Outcome
According to Rispoli, one likely outcome of the legal battle will see Ripple emerging victorious. He says this might be the outcome, given that appeals generally do not involve new trials or evidence. Based on the previous ruling, the presiding judge will likely lean in favor of Ripple.
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The renowned attorney says the SEC typically files for continuances to delay proceedings or manage the many pending cases in different courts. Notably, the SEC has sought to extend its filing of the principal brief until January 15, 2025. If granted, this will affect the timeline of the lawsuit.
Key Steps in the Appeals Process
For clarity, both the SEC and Ripple will file three principal documents: the opening brief, an opposition brief, and a reply. In this appeal, the SEC and Ripple legal teams would have to argue their cases before a panel of three judges.
Legal experts expect the SEC to file their brief on January 15, 2025, to exhaust the filing period. Ripple, on its part, will need to file a response. With these back-and-forth, Rispoli anticipates September or October 2025 as the earliest hint of which way the case would tilt.
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By this time, both parties would have presented their oral arguments before the judges. Rispoli says the impression Ripple creates with the judges might decide the outcome of the case.
Will Gensler’s Exit Make a Difference?
Rispoli also hinted at another possible route to the Ripple vs. SEC legal battle. He emphasized that a change in the regulatory body’s leadership could change its approach to its many lawsuits.
Rispoli, a strong critic of SEC Chair Gary Gensler, believes a change in leadership will ease crypto regulation. Some stakeholders opine that the outcome of the U.S. presidential election might decide whether Gensler will remain as SEC chair.
