Key Insights
- Chris Larsen files a crucial Notice of Appearance, preventing a potential procedural default in the ongoing SEC v. Ripple appellate case.
- Ripple races against time to file Form C for its cross-appeal, with the deadline set for October 24.
- SEC appeals parts of the July ruling on XRP; Ripple’s legal team remains confident the original decision will largely stand.
Ripple co-founder Chris Larsen has filed a Notice of Appearance in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The filing occurred just ahead of Ripple’s deadline for Form C submission, avoiding a potential procedural default. Larsen’s move comes as the blockchain firm aims to maintain its position in the appellate process.
Ripple’s clash with the SEC has been a major topic in the cryptocurrency sector, especially since the July ruling that determined XRP was not classified as a security in certain sales. However, the legal fight is far from over, as both sides continue their efforts in the appeals court.
Ripple’s Deadline for Form C Submission Nears
Ripple’s legal team is facing an important deadline for filing Form C in its cross-appeal against the SEC. The deadline is set for October 24 and it plays a crucial role in the company’s ongoing efforts to challenge aspects of the July ruling. Failure to file this document would prevent Ripple’s attorneys from making further oral arguments in the case.
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 Form C submission is a requirement under appellate procedure rules, allowing Ripple to pursue its arguments before the U.S. Court of Appeals for the Second Circuit. As of October 22, Ripple had not yet submitted the document, prompting a warning from the court about a possible procedural default. The filing from Larsen indicates that the company is taking the necessary steps to ensure its participation in the appeal remains intact.
SEC Submits Its Appeal, Ripple Moves Forward
The SEC recently confirmed that it has filed its own Form C to appeal certain aspects of Judge Torres’s July decision, which found that XRP was not a security in most of its sales. The regulator’s appeal aims to challenge this ruling, although Ripple’s Chief Legal Officer, Stuart Alderoty, noted that the appeal does not dispute the broader finding that XRP is not a security.
Alderoty emphasized that the SEC’s appeal may not succeed in overturning the original decision. He suggested that the best outcome for the SEC could be a remand to Judge Torres, with the appellate court potentially requiring the judge to clarify her interpretation of the law. Ripple’s legal team remains confident that the existing ruling will largely stand, given the details of the original decision.
Implications for the XRP Community
The ongoing legal proceedings have kept the XRP community and broader crypto market in suspense, as the outcome could have a significant impact on the future of XRP’s market position. The price of XRP has struggled to break past the $1 mark since the lawsuit began, and investors are eager for a final resolution that could pave the way for renewed price growth.
Ripple’s executives have stated that their primary goal in the lawsuit is to establish clearer regulatory guidelines and bring an end to what they view as unjust enforcement actions by the SEC. A favorable outcome for Ripple could strengthen the position of XRP in the market and set a precedent for other digital assets currently facing similar scrutiny from the SEC.
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