SEC sets new deadline for Ripple lawsuit appeal

Coin World News Report:
The U.S. Securities and Exchange Commission (SEC) has requested a new deadline for filing a lawsuit against Ripple, Inc. In the latest submission, the deadline for appeals may be extended until early 2025.
The U.S. Securities and Exchange Commission
Request
In the long-standing case against Ripple, Inc., the U.S. Securities and Exchange Commission has gone through multiple rounds of appeals, even leading to the recent expectation that exceeding the final deadline means the case has been resolved.
However, if the U.S. Securities and Exchange Commission receives another date to present its arguments, the case involving XRP may not be resolved until early 2025. Over the past few days, the Ripple community has closely monitored the actions of the U.S. Securities and Exchange Commission, hoping that Gary Gensler will miss the final deadline, indicating that the regulatory agency has no further demands on Ripple. Even a $125 million fine cannot resolve the lawsuit, as the U.S. Securities and Exchange Commission is still attempting to appeal its stance on XRP.
Ripple itself must submit a confirmation and appearance notice by the deadline of November 1st. These documentations will allow Ripple’s legal team to represent the company at the appeals hearing without further permission.
On October 2nd, the U.S. Securities and Exchange Commission submitted a notice of appeal but failed to submit additional Forms C and D by October 16th, which was considered the end of a two-week grace period. However, this did not jeopardize the commission’s right to appeal, as the U.S. Securities and Exchange Commission submitted Form C on October 17th, considering the two-week deadline inclusive of bank holidays still reasonable.
In addition to submitting its argument prior to the C form statement, the U.S. Securities and Exchange Commission also requests a “re” preview of the Ripple case, planning to ask the court to review its decision on how the law is implemented.
Stuart Alderothy, Chief Legal Officer of Ripple, Inc.
Noted
The appeal will not overturn the decision that XRP sales did not pass the Howey test and did not create unregistered securities. Alderoty also believes that despite the loss in the security status of XRP, the U.S. Securities and Exchange Commission is still striving for enforcement compliance.
The U.S. Securities and Exchange Commission files lawsuits against multiple cryptocurrency startups
The U.S. Securities and Exchange Commission (SEC) has been aggressively regulating, filing lawsuits against cryptocurrency startups of various scales. The Ripple case is just one of the many high-profile cases, highlighting the overall motivation of regulatory agencies to restrict the activities of cryptocurrency companies. The U.S. Securities and Exchange Commission has filed lawsuits against mature, fully functional cryptocurrency companies as well as outright Ponzi schemes or scams.
Due to the involvement of the U.S. Securities and Exchange Commission, several cryptocurrency startups have limited their development. Ongoing lawsuits have also made exchanges reluctant to list new projects. The U.S. Securities and Exchange Commission also imposes hefty fines that not all cryptocurrency startups can afford to pay.
The biggest concern regarding the status of XRP is its potential as an underlying asset for a new ETF. In the case of Ethereum (ETH), the use of ETF products is only allowed after it is explicitly stated that ETH is not a security but a utility token and commodity.
XRP has long hoped to launch an ETF as it is a well-known blue-chip token. The launch of an ETF, or at least the end of the lawsuit by the U.S. Securities and Exchange Commission, is also seen as a way to break free from price stagnation and achieve wider adoption.
XRP has been consolidating for years, failing to recover to previous highs or even reach the $1 level. XRP is currently hovering around $0.53, showing no significant response to the news of the lawsuit being refiled. Since 2020, this protracted lawsuit has gone through multiple stages and has led to XRP being temporarily delisted from major exchanges, further weakening its price potential.