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Ripple vs. SEC: Battle Heats Up as Case Moves to Appeals Court

Coin WorldWednesday, Jan 29, 2025 1:42 am ET

1min read

The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple has reached a critical juncture, with the SEC removing Ripple-related civil actions from its website. This move coincides with the lawsuit's advancement to the Court of Appeals for the Second Circuit, marking a significant stage in the dispute over the classification of XRP.

Legal analyst Jeremy Hogan clarified the situation, stating that while the Ripple case has been removed from the SEC’s litigation section, it has been moved to the “cases on appeal” section of the website. However, he noted that the case is still listed on the appellate court’s website, and no new filings have been made yet.

As of January 23, 2025, Ripple has formally requested an extension, setting a due date of April 16, 2025, to file its response brief. This follows the SEC’s January 15, 2025, filing, in which the agency sought to overturn key aspects of the prior district court ruling. Specifically, the SEC is challenging the decision regarding XRP sales to retail investors. The district court previously ruled that while XRP itself is not a security, Ripple’s direct sales to institutional investors were deemed securities transactions.

Amid the SEC's actions, Ripple CEO Brad Garlinghouse recently shared his thoughts on the crypto market, calling for an end to maximalism and urging the industry to work together. Garlinghouse, who holds XRP, Bitcoin, and Ethereum, emphasized the need for the crypto space to embrace multiple assets for long-term growth.

In broader crypto news, former Treasury Secretary nominee Scott Bessent, known for his pro-Bitcoin stance, has been confirmed. This development adds to the growing number of pro-crypto politicians entering the scene, signaling a more crypto-friendly environment in the U.S.

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