In the ongoing Ripple lawsuit, the blockchain company has shown its strength just before the deadline for submitting Form C, hinting at a last-minute effort. Chris Larsen, one of Ripple’s founders, recently filed a Notice of Appearance with the U.S. Appeals Court for the Second Circuit, following their rejection and a warning about procedural default just a day prior.
Ripple Lawsuit: Chris Larsen Makes Last Moment Move
On October 22, Tuesday, the U.S. Court of Appeals for the Second Circuit alerted Ripple, a blockchain company, about the potential default in their ongoing lawsuit with the Securities and Exchange Commission (SEC). This was essentially a heads-up regarding an approaching deadline for filing Form C for cross-appeal against the SEC. However, Chris Larsen took swift action by submitting a Notice of Appearance at the last minute.
NEW: Chris Larsen Has Filed, Next Move Is Ripple Form C — Due October 24!
— Good Morning Crypto (@AbsGMCrypto) October 23, 2024
The legal battle over XRP has garnered attention due to the recent $125 million court settlement. Yet, both the Securities and Exchange Commission (SEC) and Ripple have continued to extend the trial date up until the final deadlines.
Previous conjectures hinted at the possibility that the US Securities and Exchange Commission (SEC) failed to meet the deadline for filing an appeal in the Ripple lawsuit, sparking questions about their intention to continue the appeal. However, a spokesperson from the SEC later clarified that they had indeed submitted the necessary paperwork, specifically Form C, for the appeal in this legal case.
In a later statement, Ripple’s top legal officer, Stuart Alderoty, affirmed that the Securities and Exchange Commission’s Form C does not contradict the ruling which classifies XRP as non-security. According to Alderoty, “This decision remains the established law.
Furthermore, Stuart Alderoty underscored that it is improbable the appeal will reverse Judge Torres’ initial decisions. He suggested that the SEC may aim for a remand as their optimal outcome in the Ripple lawsuit. “The SEC could potentially argue to Judge Torres that she was not ‘ordinarily intelligent’ when ruling against them,” he explained, adding, “It might be an awkward position for them.
The Next Form C Filing Deadline
To ensure the US SEC finds Ripple’s submission appealing, they must complete and submit Form C by October 24, 11:59:59 pm EST. Failure to do so means their legal team will lose the opportunity to present further oral arguments in this particular case.
As a crypto investor, I firmly believe that Ripple Labs has adhered to due process in all court proceedings and will continue to do so. Their intentions in the ongoing XRP lawsuit are crystal clear: they aim to put an end to the Securities and Exchange Commission’s (SEC) enforcement actions once and for all. This cross-appeal, as explained by Ripple executives, is their strategic move towards achieving a decisive resolution.
The enthusiastic XRP community anxiously anticipates the resolution of the SEC vs Ripple legal battle, which could potentially propel the XRP value back up to its peak level of around $3.84. Despite the fact that the XRP price has been trading below $1 for an extended period, speculators remain optimistic about a possible surge in XRP value, even predicting it may reach $17.
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2024-10-23 08:28