As a seasoned crypto investor with over a decade of experience navigating the volatile and unpredictable world of digital assets, I have learned to approach each new development with a cautious yet optimistic outlook. The latest turn in the Ripple vs SEC lawsuit has certainly piqued my interest, and as I delve deeper into the details, I find myself leaning towards optimism.
Ripple Legal Case with SEC: The U.S. Securities and Exchange Commission (SEC) has failed to meet the deadline for appealing the Ripple lawsuit, sparking discussions within the XRP community about whether the Second Circuit Court will automatically dismiss the appeal. Here’s a summary of the insights provided by experts and legal professionals regarding the delay in filing and its potential impact on the appeal process of this lawsuit.
Ripple SEC Lawsuit Appeal to Get Dismissed?
The supporters of XRP are inquiring information from Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, as the U.S. Securities and Exchange Commission (SEC) has not submitted Form C on schedule. This late filing by the SEC has led to conjecture that the appeal may be dropped due to it.
Eleanor Terrett from Fox Business indicated in a recent update that there appears to be no relevant filing available on Pacer, with several attorneys she consulted, including Ripple’s General Counsel, also stating an October 16th deadline.
In other news, Jeremy Hogan and Terrett have both made public some documents related to the case, indicating that the actual due date for the appeal is Friday, October 18th at 11:59 PM. It’s important to note that in most court systems, a 14-day deadline for an appeal begins from the date the document is officially entered into the system (docketed), rather than when it was initially filed.
Former SEC Lawyer Reacts to Confusion in XRP Lawsuit
According to Rule 12.1(d) of the Local Rules in the 2nd Circuit, not adhering to these rules could lead to the dismissal of an appeal. However, there has been some uncertainty within the crypto community regarding the specific date. Nevertheless, legal experts such as Bill Morgan, Fred Rispoli, and James Murphy have clarified that the SEC will ensure they meet the deadline for their appeal.
For those waiting on @secgov Form C in @ripple appeal, it’s not a mystery. SEC will appeal:
Torres is incorrect about Programmatic Sales.
And…
— Fred Rispoli (@freddyriz) October 16, 2024
In response to the docketing notice, former SEC attorney Marc Fagel clarified that it pertains to an acknowledgement which allows the court to supersede the usual 14-day deadline following the notice.
As an analyst, I’d like to clarify a point: If any mistakes were made, they stand as such, and this does not imply that the SEC is abandoning the appeal. The basis for the appeal, which will be detailed in the Form C, is already known to us.
The SEC’s announcement on October 2 indicated they are contemplating an appeal of the decision regarding penalties totaling $125 million in the remedies phase. This also means that they have not yet filed Form C and Form D, as these were transmitted for the Second Circuit Court on October 3 and entered on October 4. Essentially, the agency still has time to submit these forms.
XRP Price Moves Towards $0.60
Today, the price of XRP surged 2% due to anticipation within the community regarding the upcoming Ripple vs SEC appeal decision. At present, it’s being exchanged at approximately $0.55. Over the past 24 hours, its lowest and highest points were $0.543 and $0.561 respectively. Additionally, there has been a 20% boost in trading volume over the same period, suggesting a growing curiosity among investors.
Additionally, there was a significant increase of approximately 266% in XRP purchases by institutional investors, even as Ripple and the US Securities and Exchange Commission (SEC) both filed appeals in the circuit court. Noted analyst Egrag Crypto anticipates a near-term price surge for XRP, reaching an estimated $1.5.
Despite an approaching expiration day on Friday, trading activity in the derivatives market remains subdued. According to data from Coinglass, the value of open interest for XRP futures decreased by 1.25% over the past 4 hours, amounting to approximately 1.39 billion dollars, equating to $768.09 million in total.
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2024-10-17 15:17