The ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs Inc has continued to take new twists. Against the highly publicized speculation that the US SEC missed the deadline to file Form C for its appeal, one of the regulator’s spokespersons has confirmed nothing has changed.
US SEC To Proceed With Ripple Lawsuit
According to an update from Fox Business Journalist Eleanor Terrett, a spokesperson with the regulator, “The appeal is proceeding normally, and the documents will be filed publicly soon.”
The document in question here is the Form C which many claimed the regulator ought to have filed since October 16. However, the uncertainty lies in the exact timeline to file the document. The official docketing of the Appeals with the Court came on October 4. Based on this timeline, Terrett and other pro-crypto lawyers highlighted October 18 as the deadline for the Form C filing at 11:59 PM.
There is a massive implication for missing out on the Form C deadline. If confirmed, the US SEC would have forfeited its chances of pursuing the case against Ripple further. However, experts highlighted a caveat, which is the leniency the regulator might receive even if it missed the deadline.
With the Form C not yet made public, the speculation on which aspect of the lawsuit the US SEC plans to appeal. By expert’s guess, the Gary Gensler commission could content the $125 million Ripple penalty and even XRP’s securities status on secondary exchanges.
Much of these clarification will come when the regulator makes the filing, giving Ripple Labs an opportunity to file its response before month end.
Brad Garlinghouse Reacts To New Update
Ripple Labs CEO Brad Garlinghouse has responded to the new update from the US SEC spokesperson. According to his post on X, he seem unsurprised that the regulator decided is is “Proceeding normally” with the appeal. He implied ironically that the agency chose normalcy when indeed, it makes up its own rules as events shapes up.
Proceeding normally for an agency that makes up their own rules as they go!
— Brad Garlinghouse (@bgarlinghouse) October 17, 2024
Considering the instability the appeal will cause for XRP, many in the community are against the move from the regulator. Infact, protests have broken out in the form of petition against the markets regulator.
Some even considers the push for XRP ETF from Bitwise and Canary Capital as a viable protest from institutional investors.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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