The XRP lawsuit against Ripple has important court dates coming up. The U.S. Court of Appeals has set deadlines for the case. Ripple must submit a mediation questionnaire by December 23, 2024, and an opening brief by March 6, 2025. Ripple must respond to the brief by April 7, 2025. However, a potential U.S. government shutdown could cause delays in the case.
Ripple is still hopeful the case might be dropped, but some critics, like former SEC official John Reed Stark, believe the Ripple ruling creates confusion. He thinks it doesn’t protect retail investors enough and could affect how cryptocurrency companies argue their tokens aren’t securities.
However, XRP enthusiasts are confused and eager about how long the case might continue. Former SEC lawyer Marc Fagel wrote on social media, “The appeal will continue for now, and that process takes about a year. But there is the possibility that a new administration decides to move to dismiss the appeal. That’s not something I recall happening before, but it’s possible and maybe likely.”
Stark also warns of a major clash between Trump’s administration and Gary Gensler’s SEC picks. Stark describes Gensler’s recent promotions as part of a “deep state crusade” to secure influence before leaving office. Stark predicts that Atkins’ team will move quickly to dismantle crypto investigations.
SEC Prepares For A Shutdown?
On December 13, 2024, the SEC’s Division of Corporation Finance issued guidance to help companies prepare for a possible shutdown.A government shutdown could make the legal case more complicated, causing delays in decisions and adding pressure on everyone involved. The SEC’s delayed responses might give Ripple more time to prepare its defense, but it could also postpone a final decision on XRP’s regulatory status.
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