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In the ongoing SEC vs Ripple lawsuit, the blockchain startup is seen flexing muscles at the last moment as it approaches the Form C submission deadline. Ripple co-founder Chris Larsen finally filed the Notice of Appearance as the US Appeals Court for the Second Circuit snubbed the firm a day before warning them of procedural default.
SEC vs Ripple Lawsuit: Chris Larsen Makes Last Moment Move
On Tuesday, October 22, the US Appeals Court for the Second Circuit notified blockchain firm Ripple about the possible default in the ongoing SEC vs Ripple lawsuit. This was basically a warning about the upcoming deadline for the Form C submission for cross-appeal against the US SEC. But Chris Larsen makes the last-moment move by submitting the Notice of Appearance.
NEW: 🇺🇸 Chris Larsen Has Filed, Next Move Is Ripple Form C — Due October 24! pic.twitter.com/5U1osNjZTK
— Good Morning Crypto (@AbsGMCrypto) October 23, 2024
The XRP lawsuit has been in the limelight following the $125 million settlement announced by the court earlier this year. However, both the SEC and Ripple have been pushing the case to last-minute deadlines.
Last week, earlier speculations suggested that the US SEC missed the deadline to file the appeal raising discussion that the regulator no longer wants to appeal. However, the SEC spokesperson later confirmed that they had submitted Form C for the appeal in the Ripple lawsuit.
Later, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty confirmed that the SEC’s Form C doesn’t challenge the ruling that XRP is not a security. “That decision stands as the law of the land,” said Alderoty.
Additionally, Stuart Alderoty emphasized that it is unlikely the appeal will overturn Judge Torres’s original rulings. He noted that the SEC’s best outcome in the Ripple lawsuit might be a remand. “ The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them. Awkward,” he said.
The Next Form C Filing Deadline
For its cross-appeal to the US SEC, Ripple needs to submit Form C by the upcoming deadline of October 24, 11:59:59 pm EST. However, note that if Ripple fails to file the required document, its attorneys won’t get any further chance to make oral arguments in this case.
Ripple Labs has not violated any court due process and is unlikely to do so moving forward. The company’s objectives in the XRP lawsuit remain clear. According to Ripple executives, the cross-appeal aims to bring a definitive end to the SEC’s enforcement actions.
The XRP community has been eagerly waiting to put an end to the SEC vs Ripple lawsuit. This would clear the way for the XRP price to rally to its all-time high level of $3.84. The XRP price has continued to trade under $1 for a very long time. However, this hasn’t stopped investors from predicting an XRP price rally to $17.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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