Despite community speculation, a US SEC spokesperson has confirmed its plan to proceed with Ripple’s appeals.
The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. continues to see new developments.
Despite widespread speculation that the SEC missed the deadline to file Form C for its appeal, a spokesperson for the regulator has confirmed that nothing has changed.
SEC to Continue with Ripple Lawsuit
Fox Business journalist Eleanor Terrett provided an update, quoting a spokesperson from the SEC who stated, “The appeal is proceeding normally, and the documents will be filed publicly soon.”
The document in question is Form C, which many believed should have been filed by October 16. However, uncertainty surrounds the exact filing deadline.
The appeal was officially docketed on October 4, leading Terrett and other pro-crypto lawyers to highlight October 18 at 11:59 PM as the deadline for submitting Form C.
Failing to meet this deadline could have significant consequences, as it might mean the SEC forfeits its ability to continue pursuing the case against Ripple.
However, legal experts have noted that the regulator may receive leniency even if the deadline is missed.
With Form C yet to be made public, speculation persists about which parts of the lawsuit the SEC intends to appeal.
Experts suggest the commission, led by Gary Gensler, might contest the $125 million penalty imposed on Ripple or even challenge the status of XRP as a security on secondary exchanges.
Clarity on the SEC’s position will come once the filing is made, allowing Ripple Labs to respond by the end of the month.
Brad Garlinghouse Reacts to the Update
Ripple Labs CEO Brad Garlinghouse responded to the SEC spokesperson’s update. In a post on X, Garlinghouse expressed little surprise that the regulator claimed it is “proceeding normally” with the appeal.
He remarked ironically that the agency seems to follow its own rules as circumstances change.
“Proceeding normally for an agency that makes up their own rules as they go!”
— Brad Garlinghouse (@bgarlinghouse) October 17, 2024
The SEC’s appeal has caused concern in the XRP community, with many opposing the regulator’s actions. Some have protested against the SEC by circulating petitions.
Others view the push for an XRP ETF from firms like Bitwise and Canary Capital as a form of protest from institutional investors.
