With the January 15 deadline for the US SEC to file an appeal brief fast approaching, a notable legal expert thinks the regulator will pursue the course.
The US Securities and Exchange Commission (SEC) surprised the crypto community when it appealed Judge Analisa Torres’ August 7 final ruling in its case with Ripple. The securities watchdog filed an appeal notice on October 2 and a Form C providing the details 15 days later.
Following the Form C, the SEC had about 91 days to file its main brief on the reopened case. According to reports, the agency requested in late October 2024 that the court extend the deadline to January 15. The judge granted this request.
Meanwhile, as the deadline draws closer, the XRP community has inquired if the SEC will file the brief. Their queries hinge on the necessity of the brief, given the impending change in the SEC hierarchy five days after the deadline.
Legal Expert Says SEC Will File Appeal
In a Monday tweet, pro-XRP attorney Jeremy Hogan suggested that the top regulator will file the brief to the Second Circuit Appeals Court.
Notably, the SEC’s Form C shows that it is arguing the ruling on XRP’s sales on exchanges, Ripple’s distribution of XRP to employees, and the sales of XRP by co-founder Chris Larsen and CEO Brad Garlingouse on exchanges.
Hogan expects the SEC to file the brief promptly, as the same Gensler-led administration remains in power. However, he called for calm among the community, insisting the brief would not determine the case’s outcome.
Attorney Gives Timeline for Settlement
The pro-XRP legal expert stated that the incoming SEC administration can still settle the case with Ripple or dismiss it upon resumption. Furthermore, he predicted that the regulator would most likely go for a settlement.
It bears mentioning that the August 7 partial victory for both parties ruled on a $125 million settlement between Ripple and the SEC. As a result, the regulator may conclude on the fee if it decides to settle the case.
Meanwhile, market commentators expect the likely settlement to boost XRP’s price as the final ruling did. The Crypto Basic reported that an analyst speculated a 66% rise in the asset’s price when both parties settled.
