XRP Vs SEC: The Urgent Need For Ripple Labs To Make a Bold Move
The legal dispute involving XRP has entered a new phase as both the US Securities and Exchange Commission (SEC) and Ripple Labs have filed appeals and cross-appeals. The US Appeals Court for the Second Circuit issued a notice to Ripple, highlighting a potential procedural default. This notice serves as a caution to the blockchain payments firm against failing to involve its attorneys in future oral arguments.
US SEC and Ripple Labs Lawsuit
The XRP lawsuit has been marked by rapid developments, including two instances of filing defaults in the past month. Initially, there was speculation that the SEC had defaulted in filing Form C, a crucial document for cementing its appeal against Judge Analisa Torres’ Ripple lawsuit judgment. However, the SEC eventually submitted the Form C statement last Thursday. Subsequently, the focus shifted to Ripple, with the Second Circuit’s notice indicating that the company had not yet filed its Counsel Acknowledgment and Notice of Appearance, which was due on October 18.
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Unlike the SEC, which met the Form C filing deadline, Ripple Labs has been given a 14-day grace period to rectify the default. Failure to submit the required document within this timeframe may result in its attorneys being unable to present oral arguments in the appeals case.
Looking ahead, Ripple Labs has yet to violate any known due process and is unlikely to do so. Stuart Alderoty, Ripple’s Chief Legal Officer, has assured the community that the firm will file its response this week. The company’s executives have outlined their clear objectives in the XRP lawsuit, emphasizing that the cross-appeal they filed aims to put an end to the SEC’s enforcement tactics.
It is noteworthy that the regulator has included crypto assets in its list of examination priorities for 2025. However, it holds significant importance and has the potential to influence the narrative surrounding enforcement.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
