Ripple SEC Case: The U.S. Securities and Exchange Commission (SEC) has missed the Ripple lawsuit appeal deadline, fueling a debate in the XRP community about the appeal being dismissed by the Second Circuit Court. Here are the key findings shared by experts and lawyers on the delay in filing and its consequences for appeal in the lawsuit.
Ripple SEC Lawsuit Appeal to Get Dismissed?
The XRP army seeks answers from Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty as the US SEC has failed to file Form C, which discloses the details of actual appeal terms, on time. The SEC missing such an important filing has sparked speculation of dismissal of the appeal.
Fox Business journalist Eleanor Terrett in an X post confirmed that there’s no filing on Pacer and all the lawyers she had spoken to, including Ripple General Counsel, said a deadline of October 16.
Meanwhile, attorney Jeremy Hogan and Terrett also shared filings and docket documents, which shows that the real deadline is Friday, October 18 at 11:59 PM as the appeal was not docketed until October 4. Notably, the 14-day deadline for an appeal in a court system typically starts from the docketed date rather than the filing date.
Former SEC Lawyer Reacts to Confusion in XRP Lawsuit
As per the Local Rules of the 2nd Cir (LR 12.1(d)), failure to comply may result in dismissal of the appeal. After confusion related to the actual date in the crypto community, experts and lawyers like Bill Morgan, Fred Rispoli, and James Murphy cleared the air that the SEC will not miss the appeal deadline.
For those waiting on @secgov Form C in @ripple appeal, it’s not a mystery. SEC will appeal:
1. Torres wrong on “Programmatic Sales”
2. Torres wrong on “Other Distributions”
3. Torres wrong on not allowing disgorgement
4. Torres wrong by ordering “too low” penalty of $125MAnd…
— Fred Rispoli (@freddyriz) October 16, 2024
Commenting in response to the docketing notice, former SEC lawyer Marc Fagel cleared that it refers to the acknowledgment where the court may override the 14-days-from-notice due date.
“In any event, if they did screw up, it’s just that; this is not the SEC walking away from the appeal. And it’s not like we don’t know the basis for the appeal that will eventually be in the Form C.”
The notice of appeal by the SEC on October 2 cleared that they are considering appeal from Order on Motion for Summary Judgment to Judgment on $125 million in penalties in remedies phase. Moreover, the appeal record and docket sheet was transmitted on October 3 and docketed in Second Circuit Court on October 4. Thus, the agency still has time to file Form C and Form D.
XRP Price Moves Towards $0.60
XRP price today jumped 2% as the community speculates on Ripple vs SEC appeal deadline. The price is currently trading at $0.55, with a 24-hour low and high of $0.543 and $0.561, respectively. Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a slight rise in interest among traders.
Moreover, XRP witnessed a 266% rise in buying from institutional investors despite Ripple and the US SEC filed for appeals in the circuit court. Popular analyst Egrag Crypto predicts XRP price rally to $1.5 in the short term.
However, buying activity in the derivatives market remain dull due to upcoming expiry on Friday. Total XRP futures OI fell 1.25% in the last 4 hours to 1.39 billion worth $768.09 million, as per Coinglass data.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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