As a seasoned legal observer with over two decades of experience in financial regulations and technology law, I find the recent turn of events in the SEC vs. Ripple case intriguing. Having closely followed the crypto landscape since its infancy, I’ve seen my fair share of twists and turns.
In recent news, Marc Fagel, who is recognized as a legal expert and a former SEC director based in San Francisco, has caught attention with his significant remarks concerning the commission’s lawsuit targeting Ripple – a firm providing cross-border payments that employs the XRP cryptocurrency.
It’s common knowledge that the dispute between the regulatory body and the cryptocurrency firm reached the appellate phase, with the deadline for submitting appeals having passed last week. However, tension arose when it was reported that the Securities and Exchange Commission (SEC) allegedly filed their appeal late; in simpler terms, the SEC failed to meet the deadline.
Today, it was announced by the Second Circuit Court of Appeals that they have issued a notice stating that the attorney representing Ripple in the SEC v. Ripple case has not yet acknowledged their participation in the case. This means that the required legal document has not been received by the court from Ripple’s counsel.
If they don’t submit it within 14 days, they might not have the opportunity to make oral arguments during the appeal, except if the court decides to allow it.
Twist
In the XRP community, many interpreted this as a criticism from the SEC, leading to an outpouring of “game over” statements across social media platforms. However, unexpectedly, it seems that the document has no connection to the regulatory body, but instead pertains to Ripple itself.
As per Fagel’s statement, this situation is unrelated to the SEC and instead targets “Larsen, the defendant/appellee,” whose legal representative failed to file an appeal within the specified timeframe.
On this occasion, Ripple missed the deadline for submitting the required form. It’s not a major issue, but it’s certainly not the news one would be excited about when spending approximately $8,000 an hour on legal fees collectively.
— Fred Rispoli (@freddyriz) October 22, 2024
In confirmation, renowned legal authority Fred Rispoli – recognized for his involvement in the cryptocurrency sector – stated that Ripple had neglected to submit the required form in a timely manner on this occasion.
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2024-10-23 13:41