As a seasoned researcher with extensive experience in the crypto market, I have witnessed numerous twists and turns in this ongoing saga between Ripple Labs Inc and the US Securities and Exchange Commission (SEC). The latest update from the SEC spokesperson has once again stirred speculation about the direction of the lawsuit.
The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc remains dynamic with fresh developments. Contrary to widespread conjecture that the SEC overlooked its deadline for submitting Form C in its appeal, a representative from the regulatory body has clarified that no modifications have been made to the situation.
US SEC To Proceed With Ripple Lawsuit
As reported by Fox Business Journalist Eleanor Terrett, the ongoing appeal process is moving forward as expected, with the related documents set to be made public shortly.
In dispute is the Form C document, a piece many believe should have been submitted by the regulatory body since October 16. The confusion lies in when this document was supposed to be filed exactly. The Appeals with the Court were officially recorded on October 4. Using this sequence of events, Terrett and other lawyers advocating for cryptocurrency pointed out that the deadline for submitting the Form C was October 18, specifically at 11:59 PM.
Failing to meet the Form C deadline could significantly impact the ongoing case between the US SEC and Ripple. If verified, this oversight might mean that the SEC would no longer be able to continue their pursuit of the case against Ripple. Yet, it’s worth noting that there may be some leeway for the regulator if they miss the deadline, as they could potentially still receive leniency in this situation.
Before the Form C has been disclosed, there’s speculation about which part of the lawsuit the U.S. Securities and Exchange Commission might choose to appeal. Experts are suggesting that the Gary Gensler-led commission could challenge the $125 million penalty imposed on Ripple, as well as question the status of XRP on secondary markets as a security.
A significant portion of the clarity surrounding this matter is expected once the regulator submits their filing. This would then allow Ripple Labs to respond accordingly, ideally before the end of the month.
Brad Garlinghouse Reacts To New Update
Brad Garlinghouse, CEO of Ripple Labs, has reacted to the recent statement from the US SEC spokesperson. In his post on platform X, he appears unfazed by the regulator’s decision to continue with the appeal process. He subtly suggested that the agency opted for normalcy, when in reality, it frequently sets its own rules as circumstances evolve.
Proceeding normally for an agency that makes up their own rules as they go!
— Brad Garlinghouse (@bgarlinghouse) October 17, 2024
Given the potential turmoil such a decision might bring about regarding XRP, there is significant opposition within the community towards this action proposed by the regulatory body. In fact, demonstrations have arisen, taking the form of petitions directed at the financial market regulator.
Some view the proposal for an XRP ETF by Bitwise and Canary Capital as a significant statement or demonstration by institutional investors, expressing their interest in this digital asset.
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2024-10-17 17:22