As a seasoned researcher and analyst with over two decades of experience in the financial sector, I have witnessed numerous legal battles unfold within the industry. The ongoing SEC v. Ripple lawsuit has certainly piqued my interest due to its complexity and potential implications for the cryptocurrency market.
In the most recent turn of events in the SEC vs. Ripple legal battle, the U.S. Securities and Exchange Commission has asked for an extension to submit their main argument, with a targeted due date of January 15, 2025.
This proposal has sparked debate among XRP advocates, as they believe it’s a strategy to postpone the legal fight, with the aim of keeping it ongoing, given that the case is currently being appealed.
According to the report, Bill Morgan, a passionate supporter of XRP and an attorney, believes the SEC’s latest action could be more about postponing the decision or indicating a lack of confidence in their case’s potential success.
Nevertheless, ex-SEC Regional Director Marc Fagel offered some clarity on the matter, disputing suggestions of deliberate delays. Instead, he posits that the SEC may not be intentionally prolonging the process.
In simpler terms, after submitting specific details to the court, the appellant is obligated to ask for a hearing date within 91 days according to court rules. The SEC has recently made this request.
— Marc Fagel (@Marc_Fagel) October 25, 2024
As an analyst, I can clarify that no extension requests have been made. Instead, the court’s guidelines dictate that the appellant should set a briefing date within 91 days following the submission of specific information to the court. Recently, the SEC has complied with this requirement by requesting a briefing date.
Fagel’s observation offers a procedural point of view regarding the case, implying that the SEC’s actions follow common court practices where an appealant must set a hearing date within 91 days after submitting specific details to the court. However, despite his statements, some members within the XRP community express doubt, voicing concerns about the SEC’s dedication towards resolving this matter promptly.
Other latest updates
Ripple Labs has submitted a document, known as Form C, with the U.S. Court of Appeals for the Second Circuit, detailing the points they intend to discuss during their counter-appeal.
In a post on October 25th, Ripple’s top legal advisor, Stuart Alderoty, verified the submission of the documents, further stating that the Securities and Exchange Commission (SEC) is not authorized to present fresh evidence or demand additional materials from Ripple.
Through a recent tweet, Alderoty emphasized to the XRP community that while Ripple navigates its appeal, the Securities and Exchange Commission’s primary tactic is to sow distraction and bewilderment concerning Ripple and the industry as a whole. However, he also reassured that this legal battle is merely background noise at this point. The most challenging aspect of the struggle has already been overcome. Despite the ongoing appeal process, Ripple’s business continues to flourish and become more robust day by day.
Due to the SEC setting the due date for their main argument as January 2025, the XRP community and the wider cryptocurrency market may find themselves waiting until then for the subsequent stage in the appeal process.
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2024-10-26 20:27