The ongoing legal dispute between Ripple and the SEC has been the subject of much speculation and interest within the XRP community. Recently, former SEC lawyer Marc Fagel shed light on a filing that has raised eyebrows among XRP enthusiasts. The filing, issued by the United States Court of Appeals for the Second Circuit, has prompted speculation and discussion within the XRP community.
The filing in question is an “Acknowledgment and Notice of Appearance Default Notice” related to the SEC v. Ripple lawsuit. It was brought to the attention of the XRP community by Sherrie, a prominent figure in the community, who shared the information on social media platform X (formerly Twitter).
According to the notice, the Second Circuit highlighted the fact that the appellee’s legal team failed to file a notice of appearance by the October 18 deadline, which is crucial under the court’s regulations. The notice also warned that failure to comply within 14 days could result in the appellee’s counsel being unable to participate in oral arguments, unless they receive special permission.
This notice sparked speculation among XRP supporters, with some interpreting it as a potential warning to the SEC itself. They suggested that if the SEC failed to comply with the court’s directive, it could risk having its appeal dismissed.
However, Marc Fagel stepped in to clarify the situation. He explained that the notice is not directed at the SEC, but specifically at Ripple co-founder Chris Larsen, who is one of the appellees in the case.
Fagel emphasized that it is Larsen’s legal counsel that has not yet filed the necessary appearance notice in the ongoing case. As a result, the Second Circuit has granted a 14-day extension for compliance. If Larsen’s legal team fails to submit their notice by November 5, they may lose the opportunity to present oral arguments in court.
Amidst these developments, the crypto community eagerly awaits Ripple’s forthcoming Form C filing. Earlier this month, Ripple submitted a cross-appeal notice, indicating its intention to challenge a district court ruling that classified its institutional sales of XRP as investment contracts.
Ripple’s Chief Legal Officer, Stuart Alderoty, revealed that the company plans to submit its pre-argument this week, with the filing expected to be delivered by Friday, October 25, 2024. Ripple aims to address why it believes Judge Analisa Torres made an error in her ruling regarding institutional sales.
Following Ripple’s pre-argument submission, both parties will need to coordinate on the timeline for filing their respective appeal briefs. Alderoty suggested that the Second Circuit may allow the SEC a period of 90 days to submit its opening brief. Based on this timeline, the overall briefing schedule could extend into July 2025.
The ongoing legal proceedings between Ripple and the SEC continue to have a significant impact on the XRP community. Supporters are well aware that the outcome of this case could have far-reaching implications for the future of XRP, affecting its market price and utility in the wider cryptocurrency landscape.
As the legal landscape evolves, the insights provided by figures like Marc Fagel help to alleviate confusion and speculation. They underscore the complexities of legal proceedings in the cryptocurrency realm, reminding investors and enthusiasts to stay informed and exercise caution.
In conclusion, as Ripple prepares for its next legal steps and the XRP community closely observes, the focus remains on the implications of these proceedings for the future of XRP and the broader cryptocurrency market. The clarity provided by the recent notice from the Second Circuit, along with Fagel’s insights, offers a more comprehensive understanding of the current situation.
With Ripple’s upcoming filings and the ongoing developments in its legal battle, the stakes remain high for all parties involved. As this saga unfolds, investors and community members are encouraged to stay vigilant and stay informed about the events that could shape the future of XRP.
