Ripple Makes Strategic Move in SEC Lawsuit as Form C Deadline Approaches

In a significant development in the ongoing SEC vs. Ripple case, the blockchain company demonstrates its strategic positioning as the Form C submission deadline nears. Ripple co-founder Chris Larsen has submitted a Notice of Appearance following a warning from the US Appeals Court for the Second Circuit regarding procedural default.

Last-Minute Filing by Ripple’s Chris Larsen

The US Appeals Court for the Second Circuit issued a notification to Ripple on Tuesday, October 22, warning about potential default related to the Form C submission deadline for their cross-appeal against the SEC. In response, Chris Larsen took swift action by filing the Notice of Appearance.

The case has remained in the spotlight since the court announced a $125 million settlement earlier this year. Both parties have consistently pushed deadlines to their limits throughout the proceedings.

Recent developments saw speculation about the SEC missing their appeal deadline, suggesting a possible abandonment of the appeal process. However, an SEC spokesperson later confirmed their Form C submission for the appeal.

Ripple’s Chief Legal Officer Stuart Alderoty clarified that the SEC’s Form C doesn’t contest the ruling that XRP is not a security, stating this decision “stands as the law of the land.” Alderoty further emphasized that the appeal is unlikely to overturn Judge Torres’s original rulings, noting that the SEC’s best possible outcome might be a remand.

Critical Deadline Approaching

Ripple faces a crucial deadline of October 24, 11:59:59 pm EST to submit their Form C for the cross-appeal. Failure to file could result in their attorneys losing the opportunity to present oral arguments in the case.

The company has maintained a clean record regarding court procedures and is expected to continue this compliance. Ripple’s executives have made it clear that their cross-appeal aims to conclusively end the SEC’s enforcement actions.

The XRP community eagerly anticipates the lawsuit’s resolution, hoping it will catalyze XRP’s price movement toward its previous all-time high of $3.84. Despite trading below $1 for an extended period, some investors maintain optimistic predictions of XRP reaching $17.

[Rest of content from disclaimer and author bio omitted as requested]