BCGAME - Free 5BTC Daily Bonus!In a new update on the lawsuit involving the United States Securities and Exchange Commission (SEC) and the Ripple Labs, the United States Court of Appeals for the Second Circuit recently announced an important date.
Specifically, the court hearing the case ordered the SEC to file its brief in the lawsuit against Ripple by January 15 of next year, complying with a request made by the regulator recently. It is worth remembering that, on October 24, the United States Securities and Exchange Commission (SEC), requested an extension to finalize its main claim in the lawsuit against Ripple, a move that resonated throughout the XRP community. The SEC’s request sought to push back the deadline until January 15, 2025.
O document was released by legal expert James K. Filan in a post on X on October 31. “The Court of Appeals for the Second Circuit issued an Order that the SEC brief must be filed by January 15, 2025,” he wrote.
Even if the regulator has already ruled in favor of your appeal, the SEC will present its legal arguments in detail in its opening brief. These arguments by the Agency will be supported by citations to the legal authority. It is worth noting that the opening brief will be one of the most important parts of the appeal and could be a turning point for the SEC.
Ripple Appeal: Company Challenges Ruling on Howey Test Application to Institutional XRP Sales
Ripple Labs has filed itspelação in the case against the SEC, Form C on October 24. A key focus of the company’s appeal is the district court’s application of the Howey test to transfers of its native token, XRP. This refers to the classification of XRP in institutional sales as securities.
Furthermore, another point highlighted is whether the court decision ended up taking into account Ripple's lack of fair notice in its conduct, suggesting a potential rule violation because of the SEC's “inconsistent” and “deliberately vague” statements regarding the application of federal industry laws.
