The post Ripple Lawsuit Update: Can the SEC Bounce Back After New Appeal Deadline? appeared first on Coinpedia Fintech News
The SEC may have jeopardized its case against Ripple by missing a critical deadline to file its appeal. After announcing its intent to appeal on October 2, the regulator had 14 days to submit Forms C and D detailing its objections to Judge Analisa Torresâs August 7 ruling. However, as of October 16, the SEC had not filed these necessary documents, and the deadline included weekends and holidays unless an extension was granted. This oversight could prove costly for the SEC in the ongoing Ripple lawsuit.Â
Fred Rispoli Weighs InÂ
I wouldn't get too excited about an untimely Form C filing #XRPcommunity. It should have been filed by 2359 EST 10/16. That did not happen. However, the Local Rules of the 2nd Cir (LR 12.1(d)) states failure to comply "may result in dismissal of the appeal."Sorry to say,âŠ
â Fred Rispoli (@freddyriz) October 17, 2024
Attorney Fred Rispoli recently took to X to update the XRP community about the governmentâs missed Form C filing, which was due by 11:59 PM EST on October 16. While the 2nd Circuitâs Local Rule 12.1(d) indicates that failure to comply could result in the dismissal of the appeal, Rispoli advised the community not to get overly optimistic. He explained that appellate courts tend to be lenient with federal agencies, and even a weak excuse from the government could allow the Court to let the deadline slide.
Courts Show Leniency to Government Agencies
In a follow-up post, Rispoli humorously noted the disparity in how deadlines affect private individuals vs government agencies. He emphasized that if a private individual or lawyer missed such a deadline, their case would likely be dismissed, adding that he would already be contacting his malpractice insurer. However, in the âgovernment world,â such rules usually donât apply with the same strictness.Â
Community Reactions to Missed Deadline
The missed filing has created major confusion within the XRP community. One key commentator, Moon Lambo, highlighted an important aspect of the situation: the rule states that the appeal âwillâ be dismissed if the deadline isnât met, which suggests there could be serious consequences for the SEC. However, many believe that the government often gets some flexibility, as pointed out by Fred Rispoli.
Rispoliâs comments are deeply rooted and show how fair the legal system is, especially when it comes to cases involving federal agencies like the SEC. While many people in the XRP community are still hopeful for a positive outcome, Rispoliâs perspective indicates that the missed filing probably wonât have a big impact on the case right away. SECâs missed deadline raises many questions and only time will tell what new turn the Ripple vs SEC case will take now.Â
We will keep an eye out and keep updating you on the latest developments.