Analyst Detects Foul Play by SEC in Ripple Case Appeal

In the Ripple vs. SEC case, the SEC’s latest move has left experts baffled, as a crucial filing appears to contain conflicting information which has ignited a firestorm of speculation and questions within the community.

The controversy centers around the SEC filing of Form C, a critical document in the ongoing battle against Ripple Labs. According to the publicly available records, the Form C was dated October 16, yet it was officially stamped by the court on October 17. This discrepancy has raised questions about whether the document was filed late on October 16 and only appeared on the docket the following day.

Form C with two different dates (Source X Post)

Is the Confusion Because of Docketing Delay?

According to experts, docketing delays occur when there is a lag between the submission of a document and its appearance on the court’s official record. In this case, it appears that the SEC’s Form C may have been submitted late on October 16, and courts processing delay resulted in the October 17 stamp.

According to James Murphy, a pro-crypto lawyer, the whole point of the innovation of the electronic filing system was to get an instant filing when the file is pushed from the comfort of the law firm so that such confusing situations can be avoided.

Journalist Reaches Out to The SEC

Eleanor Terret, a journalist well-versed in financial regulatory matters, reached out to the SEC for clarification on the filing timeline. In response, the SEC indicated that the document would be made publicly soon, leaving many to wonder about the implications of this timing.

Also, if one refers to the second page of Form C, it clearly states that on filing the notice of appeal, the appellant has 14 days for file for Form C. Since the SEC filed for an appeal on October 2, the deadline for them to file the Form C is technically October 16.

Form C Instructions

The issued Docketing Notice created the entire confusion. The notice as shown below states that the Form C must be filed 14 days from the issued date (October 4). So according to this document, the deadline has to be October 18.

Docketing Notice stating that the Form C has to be filed 14 days after the issuance of the notice (Source: X Post)

The conflicting dates have left the community uncertain about which date constitutes the deadline, October 16 or October 18. Was it the docketing delay that caused the court to timestamp the document on October 17 or did SEC actually file the Form C on October 17 ? Has the SEC missed the original deadline of October 16? Is there any foul play or just the docketing delay or just another leeway for the federal agency?

The SEC’s Form C filing controversy has sparked uncertainty fueling debate on deadlines and regulatory strategy. As the community awaits clarification, one thing is clear: the outcome will significantly impact the cryptocurrency landscape.

Also Read: October 2024’s Top 2 Crypto Airdrops You Can’t Afford to Miss