Rumors have been flying about the United States Securities and Exchange Commission (SEC) attempting to delay the conclusion of its legal battle with crypto payments company, Ripple Labs. This alleged delay could see the Ripple vs SEC legal saga extend into 2025, further prolonging the over three-year-long lawsuit.
Will The SEC Delay The Ripple Case Till 2025?
After failing to meet the deadline set by the Court to submit an appeal brief, the US SEC has petitioned for a deadline extension. On October 24, James K. Filan, a defense lawyer and former federal prosecutor, disclosed that the SEC officially requested to postpone the filing of its principle appeal brief against Ripple until January 15, 2025.
The news of the deadline extension request had sparked rumors throughout the XRP community and the broader crypto space, suggesting that the SEC was attempting to delay the legal battle against Ripple till 2025. Many XRP enthusiasts and supporters have voiced out their frustrations over the seemingly never-ending battle which has not only taken a toll on Ripple’s finances in terms of legal fees but has also been the primary reason for the underperformance in the XRP price.
A popular crypto analyst and XRP supporter, identified as the ‘XRPcryptowolf’ asserted that the SEC was deliberately trying to delay the inevitable conclusion of the legal battle with Ripple. He expressed his hope that former US President Donald Trump would win the upcoming US Presidential elections, remove current SEC Chair, Gary Gensler and withdraw the XRP case appeal.
Former SEC Attorney Debunks Delay Rumors
Another XRP community member has expressed concern over the SEC’s repeated delays in the Ripple case, questioning how long these extensions can continue. He stated emphatically that the Judge should reject the SEC’s extension request and finally bring the three-year-long case to an end.
Responding to the XRP member’s statements, former SEC attorney Marc Fagel clarified that the SEC was not “stalling” its legal battle with Ripple. He explained that the timeframe was already established by the Court rules, which allow 91 days for a deadline.
Replying to Fagel, the XRP community member argued that the SEC has orchestrated a “fake lawsuit” that has extended for over four years, providing no new evidence or defense for its case. Fagel responded by defending the US SEC, pointing out that the Court has already found Ripple raised over $700 million through unregistered securities sales.
While the former SEC attorney acknowledges that Federal litigation can be a slow, drawn-out process, he disclosed that the four-year delay in the ongoing legal battle is not a result of the SEC’s actions. Instead, he noted that the SEC is fulfilling its regulatory role as set by Congress.
Despite rumors that the Ripple legal battle could extend into 2025, the court has yet to approve the SEC’s deadline extension request for its appeal brief. The XRP community continues to watch closely for further updates in the prolonged legal dispute.
Featured image created with Dall.E, chart from Tradingview.com
