Experts say the SEC’s appeal is just “paper work.”
Ripple vs SEC is moving in endless circles, lawyer Fred Rispoli said that Ripple's appeal is focused on the SEC case, not on new evidence or trial, but on paper. Each party shall file written briefs, including an opening statement, objection, and response. After these are submitted, they will present oral arguments in September or October 2025, which should give some indication of the judge's opinion on the case. Meanwhile, the SEC has requested more time to submit the original brief, pushing the deadline to January 15, 2025, which Rispoli believes is due to the agency's tight resources and high workload.
What is the new hypothesis?
Importance of Amicus Brief in Ripple Appeal
A key element in a Ripple appeal may be amicus briefs, documents submitted by third parties to provide insights or context. These briefs have become increasingly influential in crypto-related cases, with 14 amicus briefs filed in the Ripple case alone, highlighting the widespread interest in this legal battle. Rispoli believes the appellate court can take these third-party inputs seriously, as they present different points of view and strengthen the arguments necessary for Ripple's defense.
SEC changes and implications for Ripple's case
Regardless of the political outcome of the 2024 election, Rispoli speculates that SEC Chairman Gary Gensler will soon leave the position. The change of leadership in the SEC may affect the agency's position on crypto regulation, which Ripple offers a more favorable climate. Additionally, Rispoli said that if Congress passes crypto-specific legislation in January 2025, Ripple could use this to its advantage, asking the court to consider the appeal of the new laws as “additional authority.” This changes the SEC's approach and opens up new avenues for Ripple's legal strategy.
In short, Ripple's fate rests on the persuasive power of micro-documents, amicus briefs, and possibly a political wave that could shape crypto regulations as a whole.
