US Watchdog To File Principal Brief by Jan 15, 2025

• The court mandates the SEC to file its principal brief in the Ripple lawsuit by January 15, 2025.
• The pretrial conference is set for December 19, while the trial will begin on January 21, 2025.
• The XRP community remains optimistic about the potential influence of Trump’s victory on the case.

The ongoing Ripple-SEC lawsuit has taken a new direction with the court’s approval of the U.S. Securities and Exchange Commission’s (SEC) request to extend the principal brief deadline. On October 31, 2024, the U.S. Court of Appeals for the Second Circuit ordered the regulator to submit its brief by January 15, 2025, granting the SEC’s request.

The SEC had asked the court on October 24 to extend its principal brief in the ongoing appeal case against Ripple to January 15, 2025. This development stems from the SEC’s notice to appeal the court’s final ruling that declared the XRP token is not a security. Following the appeal, key industry figures like attorney Fred Rispoli suggested the SEC might try to push the brief deadline. They even predicted that the Ripple-SEC lawsuit might not be resolved until 2026.

Key Dates and Developments in Ripple Lawsuit

Judge Phyllis J. Hamilton of the U.S. District Court for the Northern District of California has recommended that Ripple Labs, CEO Brad Garlinghouse, and related parties consider dropping their individual claims for now. This option allows them to refile those claims later, after the appeal on the class-action claims is finished.

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The parties have until November 4, 2024, to decide on this alternative resolution. They must file their response by November 4, regardless of their decision. The court has also scheduled additional dates in the case, including a pretrial conference on December 19 and a trial set to begin on January 21, 2025.

The November election may significantly impact the development of the crypto space. The community believes that pro-crypto presidential candidate Donald Trump will win the election, fueled by his increasing odds on Polymarket. Trump has promised to restructure the SEC, and the XRP community hopes this will lead to a positive outcome in the Ripple lawsuit.