As a seasoned researcher with extensive experience in the financial sector and blockchain technology, I find myself intrigued by this ongoing saga between Ripple and the SEC. While I am not an expert on appellate procedure, I can’t help but notice the unusual turn of events.
David Schwartz, Ripple‘s Chief Technical Officer, has shared his thoughts on the ongoing dispute between the SEC and Ripple, San Francisco’s blockchain company. The argument started when it was reported that the regulatory body failed to meet its deadline for filing an appeal, sparking a significant controversy and leaving many XRP supporters puzzled about what will happen next as they try to decipher the situation.
It was verified by Schwartz, who isn’t deeply versed in appellate procedures, that the SEC had until yesterday at noon to submit an appeal to the Second Circuit Court of Appeals. Meanwhile, the company’s leading executive concurred that the SEC did not intentionally miss the deadline and that their legal team were well aware of the rules governing such appeals.
According to Schwartz, it’s plausible that the regulator intentionally overlooked their filing deadline in order to terminate their appeal. However, he finds this action quite unusual and strange.
I would think so. It’s not impossible that they deliberately blew a filing deadline to end their appeal, but that does seem like a really bizarre move.
— David “JoelKatz” Schwartz (@JoelKatz) October 17, 2024
As an analyst, I’ve learned from Fox Business journalist Eleanor Terrett that the actual date for the SEC’s appeal might be as soon as tomorrow, October 18th.
Nobody seems to know
The discovery occurred following the sighting of a filing notice labeled as “docketing” in the Second Circuit, which was submitted by the SEC on October 2nd but wasn’t officially recorded until October 4th. It’s important to note that the appeal form needs to be filled out and returned within a fortnight following this specific date.
Notably, Marc Fagel, a past SEC director based in San Francisco, proposed that it’s possible the regulator may have made an error. This is because the referenced notice pertains to the court’s ability to bypass the 14-day deadline when acknowledging certain matters, not Form C, which appears rigid in this context.
Regardless of any potential errors, it’s important to clarify that this doesn’t mean the SEC is abandoning the case. Also, the grounds for the eventual appeal, as detailed in the Form C, are not unknown to us.
— Marc Fagel (@Marc_Fagel) October 17, 2024
“So maybe the SEC did screw up, and wow, I’d love to be a witness to the internal discussion if they did… But nobody seems to know?” the veteran expert stated.
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2024-10-17 13:13