Ripple Labs has asked for a deadline regarding its cross-appeal brief in the ongoing legal battle with the U.S. SEC.
The company has proposed April 16 as the due date for this brief. This is a standard step in legal processes.
On January 23, Michael Kellogg, a member of Ripple’s legal team, noted that CEO Brad Garlinghouse and co-founder Chris Larsen support this request.
A brief deadline is simply the date when a party must submit a written legal argument to the court. Usually, this happens within a specific timeframe after the appealing party files its initial brief. The rules of the court determine the time allowed, including any possible extensions.
This request comes after the SEC filed a document on January 15. In that filing, the SEC argued that the New York District Court made a mistake by ruling that XRP sold to retail investors is not a security. They also claimed that XRP given to employees and used in business transactions should not have been excluded from being classified as a security. The 2023 ruling was seen as a partial win for Ripple.
Later, Judge Torres ordered Ripple to pay over $125 million to the SEC for violating securities laws, highlighting that Ripple also sold XRP through institutional sales.
Ripple's recent request has sparked renewed interest in this important legal case. Some people are even speculating that the SEC might consider dropping the case altogether. Jeremy Hogan, a partner at Hogan & Hogan, commented on X, saying, “This is very standard. The SEC also had 90 days to draft its initial brief. The only question here is — will the brief need to be filed at all?”
The XRP community is closely watching these developments. Since January 20, the SEC has been led by acting Chair Mark Uyeda, who is seen as friendly to crypto. He was appointed by President Donald Trump. Reports suggest that the SEC is thinking about dropping some crypto enforcement actions.
During Trump’s second term, his administration has shown a positive attitude toward digital assets. He has followed through on his campaign promise to pardon Silk Road founder Ross Ulbricht. He also established a working group to explore a U.S. crypto reserve and appointed David Sacks as the White House’s czar for AI and crypto.