Ripple Lawsuit Update: SEC Misses Critical Deadline – What Next?

The SEC’s case against Ripple might be at risk after missing a crucial appeal deadline. The regulator had 14 days, starting October 2, to file Forms C and D, which were meant to outline its objections to Judge Analisa Torres’s August 7 decision. Yet, by October 16, the SEC still hadn’t submitted these documents.

The 14-day deadline includes weekends and holidays unless an extension is granted, making this oversight potentially significant for the ongoing lawsuit against Ripple.

Don’t Be Too Optimistic – Yet

Attorney Fred Rispoli shared the news with the XRP community on X (formerly Twitter), revealing that the government missed the Form C deadline, which expired at 11:59 PM EST on October 16. Although the 2nd Circuit’s Local Rule 12.1(d) states that failing to file could lead to the dismissal of the appeal, Rispoli advised against getting too hopeful.

He pointed out that appellate courts often show flexibility to federal agencies, so even a minor excuse from the SEC might be enough for the court to allow the late filing.

Double Standards in Legal Deadlines?

In a follow-up post, Rispoli humorously pointed out the difference between how deadlines impact private parties and government agencies. He noted that if a private lawyer or individual missed a similar deadline, the case would almost certainly be dismissed—joking that he’d already be contacting his malpractice insurer in that scenario. But for government agencies, such rules are typically applied with more leniency.

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Community Reactions to Missed Deadline

The SEC’s missed filing has left the XRP community uncertain about what comes next. Commentator Moon Lambo pointed out that the rule says the appeal “will” be dismissed if the deadline isn’t met, suggesting potential consequences for the SEC. However, as Rispoli noted, federal agencies often receive some flexibility that isn’t granted to others.

Rispoli’s 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, Rispoli’s perspective indicates that the missed filing probably won’t have a big impact on the case right away. SEC’s missed deadline raises many questions and only time will tell what new turn the Ripple vs SEC case will take now. 

What Next In Ripple vs. SEC?

The missed deadline introduces new uncertainty to the Ripple vs. SEC legal fight, leaving many to speculate about the potential impact. Could this be a turning point for Ripple, or will the SEC find a way to recover from the misstep? The coming weeks will be crucial in determining the case’s direction.

We will keep an eye out and keep updating you on the latest developments, right here on Coinpedia.