As a seasoned crypto investor with over a decade of experience in this dynamic market, I have seen my fair share of legal battles and regulatory hurdles. The XRP lawsuit, though prolonged, is a testament to the evolving landscape of cryptocurrencies and their regulation.
The legal battle over XRP continues, as both the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have filed appeals and counter-appeals. Recently, the U.S. Court of Appeals for the Second Circuit has alerted Ripple that there may be a procedural oversight in their case. This filing is essentially a heads-up to Ripple to make sure they include their legal counsel during future oral hearings to avoid any such issues.
XRP Lawsuit: Defaults and Second Chances
Over the past month, the XRP lawsuit has been moving at a rapid pace, with two distinct incidents of filing defaults occurring. Initially, it was believed that the U.S. Securities and Exchange Commission (SEC) had defaulted in submitting Form C, which would solidify its appeal against Judge Analisa Torres’ Ripple lawsuit ruling.
Last Thursday, the regulatory body finally submitted Form C. Now, attention has shifted towards Ripple, as they are under scrutiny for a default issue. According to the Second Circuit’s notice, Ripple has yet to submit their Counsel Acknowledgment and Appearance Document. This document, as per the court, was expected on October 18th.
Instead of the US SEC, which strictly adhered to the Form C filing deadline, the Court is providing Ripple Labs a 14-day extension. If they fail to submit the necessary document in the XRP lawsuit within this period, their legal team might lose the opportunity to present oral arguments during the appeals process.
As a crypto investor, I’m sharing some insights about the ongoing legal situation with Ripple Labs. In this case, it appears that Ripple Labs, often referred to as the appellee in court documents, has yet to submit the required form, despite the deadline being October 18th. The court has granted them an additional 14 days to comply. If they fail to do so within this extended period, there’s a possibility that further actions may be taken against them.
— xrp & your mom (@xrp187) October 22, 2024
Next Steps For Ripple Labs
As of now, Ripple Labs has not violated any court procedures that are recognized by the community, and it seems they won’t be starting to do so anytime soon. In response to the US SEC filing the Form C statement last week, Stuart Alderoty from Ripple indicated that the company would submit its response within this current week.
The company has clearly outlined its objectives regarding the XRP lawsuit, with the cross-appeal being an essential step towards conclusively ending the Securities and Exchange Commission’s (SEC) enforcement actions. It is significant to mention that crypto assets are among the regulatory priorities for examination in 2025 as identified by the SEC.
Examining this situation could potentially shift the perspective on enforcing laws, making it more significant as a result.
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2024-10-22 22:11