Enterprise blockchain company Ripple has requested a due date of Apr. 16 for filing its opening brief in its cross-appeal against the U.S. Securities and Exchange Commission (SEC).
Earlier, Stuart Alderoty, Ripple's top lawyer, predicted that the SEC would drop the case under the new administration.
Alex DovbnyaAs reported by U.Today, the SEC filed the opening brief in its appeal against the company earlier this month. It rugged the U.S. Court of Appeals for the Second Circuit to vacate the summary judgment, as well as the final judgment of the district court.
The Ripple team was quick to dismiss this appeal as "noise" just days before former SEC Chair Gary Gensler was on track to leave the agency. CEO Brad Garlinghouse described the cross-appeal as the "definition of insanity" due to reiterating many of the SEC's arguments.
Ripple hit back at the regulator with its cross-appeal in October. This happened less than two weeks after the company filed its notice of appeal.
Earlier this week, legal analyst Bill Morgan opined that it "would be ironic" if Ripple made the litigation continue by insisting on running its cross-appeal. However, he claims that it is "a very unlikely possibility."
Ex-SEC Commissioner Paul Atkins was nominated to replace Gensler in December after a closely followed race with numerous candidates.
His nomination was referred to the U.S. Senate Committee on Banking, Housing, and Urban Affairs earlier this week.
As of now, Republican SEC Commissioner Mark Uyeda is currently at the helm of the agency as its acting chairman.
Both Atkins and Ueyda are known for their pro-crypto news, and both of them have been widely endorsed by the cryptocurrency industry.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Godfrey Benjamin
Dan Burgin
Vladislav Sopov