In the notice of appeal, the @SECGov says August 7 because that’s the day that everything became ‘final judgment.’ They haven’t explicitly stated which issues they plan to appeal yet — they could choose to appeal both the ruling on programatic sales (from July 2023) and the amount the court ordered Ripple to pay on institutional sales (August 7), or just one and not the other.
We’ll find out soon enough.
What is the CBP One App?
It’s Kamala’s fast-pass entry program for illegal aliens.
Arrive at border without a visa. Press button on a smart phone. Entry on demand.
95% acceptance rate for all illegals.
Get free transportation (via FEMA) and free welfare.
Take American jobs.
Kamala Harris is in Georgia to announce that FEMA will be providing federal relief in the form of $750 to those affected by Hurricane Helene.
This is f’king BS!
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.
Somehow, they still haven't gotten the message: they lost on everything that matters. Ripple, the crypto industry, and the rule of law have already prevailed.
While we'll fight in court for as long as we need, let's be clear: XRP’s status as a non-security is the law of the land today - and that does not change even in the face of this misguided - and infuriating - appeal.
(Remember, when the SEC tried unsuccessfully to file an “interlocutory appeal” they made clear they had no intention of challenging XRP’s status as a non-security.)
For the #XRPHolders, here is the SEC v. Ripple appellate timeline:
1. SEC brief likely due 12/2/24. SEC likely to seek permissible 30 day extension, so will be due shortly after 1/1/25.
2. Ripple will cross appeal. It's opening brief will be due around the same time.
3. The opposition briefs will be due around 2/2/25. Ripple will likely take its extension, taking that to 3/2/25
4. Reply briefs will be due end of March 2025.
5. An oral argument will be scheduled for some time September - October 2025.
6. A ruling will be handed down from the 2nd Cir in January 2026 at the earliest, likely March or April though.
(1) The SEC's decision to appeal is disappointing, but not surprising. This just prolongs what's already a complete embarrassment for the agency. The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course, there were no victims or losses.
(2) Instead of faithfully applying the law, this agency, under this Chair, continues to engage in litigation warfare against the industry. We are evaluating whether to file a cross appeal. Either way, the SEC's lawsuit has been irrational and misguided from the start, and we're ready to prove that yet again in the appellate court (once again taking the lead for the industry)
(3) Coincidence that the SEC’s Enforcement Director announced his resignation about an hour before this?
"Nearly 800 houses have disappeared in 3 years without court proceedings.
No testimony. No paper trail. No judicial orders. Some homeowners do not even get notices.
Cases can go to Macon-Bibb Municipal Court, but they almost never do."
—IJ Attorneys @ChristieMHebert and Dylan Moore @NRO:
https://t.co/YmTimUzvkw
SEC appeals. Ripple will cross appeal. SEC's company-ending district court cases against Coinbase and Kraken continue. Life continues. Don't freak out.
But if you are a crypto single issue US voter, you absolutely cannot vote for Harris Walz ticket. There is no reset.