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Ripple SEC Lawsuit Update: Appeals Continue to Process as Normal

Key Points:

The Ripple SEC lawsuit is “proceeding normally” with the latest updates from the agency.
Confusion arose from differing dates regarding the SEC’s notice of appeal, with uncertainty about whether the deadline was October 16 or October 18.

The trajectory of the Ripple SEC lawsuit is changing with every passing day, and the latest developments are a cause of excitement and bewilderment.

Discrepancy Over Appeal Filing Dates Fuels Uncertainty in Ripple SEC Lawsuit

One of the complicating elements has been the Commission’s apparent deviant position regarding its filing of Form C, which certain quarters regarded as a blunder on the part of the regulator.

To counter the prevalent speculation that the SEC had overstepped its filing window, the agency’s representative stated that the appeal is “proceeding normally” and all necessary submissions will be made shortly.

This information was relayed by the journalist Eleanor Terrett from Fox Business where she referred to the assurance by the official that the situation was normal. Even so, many analysts still find it strange why the SEC did what it did considering its past history of making applications on time.

According to the SEC notice of appeal, the agency was on October 2, 2024, that the SEC filed its notice of appeal. Even so, the case was not yet officially registered in the system until October 4. This led to confusion as to whether the SEC had to file Form C by October 16 or could push that date back to October 18.

Ripple SEC Lawsuit Extended Until 2025

Ripple Labs’ Chief Technology Officer, David Schwartz, again was non-committal. He said that the SEC may have been strategic and chose to let the window for filing an appeal lapse. He opined that such an approach would be outlandish.

The response from Ripple CEO Brad Garlinghouse to the SEC update included an element of sarcasm in that the phrase “proceeding normally” was ironic in view of the commission’s pattern of changing the rules as the case goes on.

Looking ahead, Ripple is preparing to respond to the SEC’s arguments, with the full briefing process expected to last until July 2025.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.