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Rispoli Analyzes the Appeals Timeline and Potential Outcomes

Published

2 hours ago

October 27, 2024

The SEC vs. Ripple Labs fight is getting more heated and attorney Fred Rispoli said one of the possible outcomes of this saga could be Ripple winning. However, now the SEC wants to extend the time of filing its principal brief until January 15, 2025.

Most recently, an attorney Fred Rispoli explained, “The SEC often seeks continuances not only because it wants to delay things but because it can be very stretched thin by all the cases it has pending.”

Rispoli: Ripple Appeal Hinges on Paperwork, Not Trial

Appearing as a guest on the ‘Good Morning Crypto Show’, Attorney Fred Rispoli clarified that appeals are essentially a matter of paperwork without new trials or evidence. Each side files three core documents: the opening brief, an opposition brief, and a reply brief.

In this case, the appeal includes the SEC’s and Ripple’s cross-appeal. After these filings, the court will schedule oral arguments. This shoud allow each side to present their case before a panel of three judges.

The SEC has also filed a request for a deadline for its principal brief in its appeal case against Ripple.

Fred Rispoli stated that the SEC’s request for an extension aligns with his projected timeline for the appeal. He expects oral arguments, likely in September or October 2025, to provide early clues on the judges’ stance. These first impressions could hint at the final outcome of the case.

These dates could shift further, though, if more extensions are allowed, something that usually happens within the Ninth Circuit.

Amicus Briefs Taking Center Stage in Crypto Cases

Amicus briefs, said Rispoli, will play an essential role in the appeal. The filing by third parties may bring new insights that could affect the case. He said the appellate judges should take those seriously, especially because they’re more likely to be more numerous and impactful than at the district court level.

An amicus brief – a “friend of the court” brief – is filed by third parties not directly being part of the case. It is to provide policy insights or additional context for specific arguments. Quite often, this shapes high-stakes decisions. An amicus brief is quite common in Supreme Court cases. Most trial and federal appellate cases do not involve amicus briefs.

However, crypto litigation has bucked that trend. Just for comparison, there were 14 amicus briefs in the case by Ripple, six in Coinbase’s case, and, in Grayscale’s case, eight entities filed briefs.

Could Gensler’s Departure Change the Fate of Crypto?

Rispoli, a vocal critic of SEC Chair Gary Gensler, also recently suggested that a change in leadership could significantly impact crypto regulation. He speculated that Gensler is “almost assuredly” on his way out, regardless of the 2024 election’s outcome, making the choice of his successor pivotal for the industry’s future.

When asked if new legislation could render the SEC’s appeal moot, Rispoli explained that a clearly defined law would likely have that effect.

If Congress passes crypto legislation by year’s end, effective from January 1, 2025, Ripple’s legal team would file a notice of supplemental authority with the Second Circuit, arguing the new law’s relevance to their case.