US SEC Spokesperson Confirms To Proceed With Appeals in Ripple Lawsuit

Against the community's speculation, a US SEC spokesperson has confirmed its intention to proceed with the appeals in case against Ripple
By Godfrey Benjamin
SEC v. Ripple: What to Expect From US SEC Appeals Opening Brief

Highlights

  • US SEC will proceed with its Ripple Lawsuit appeals
  • The controversial Form C deadline is not missed afterall
  • Community still unsure what aspect of the lawsuit it hopes to appeal

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.

Advertisement
Advertisement

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.

Advertisement
Advertisement

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.

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.

 

Advertisement
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. Follow him on X, Linkedin
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.