The U.S. Securities and Exchange Commission (SEC) has filed its Form C, appealing a court ruling that addressed the nature of Ripple’s XRP sales. The appeal centers on three primary issues: the sale of XRP through exchanges, the distribution of XRP to employees, and the transactions made by executives Brad Garlinghouse and Chris Larsen.
In a recent development, Ripple Labs has faced a procedural setback after missing an important filing deadline. The U.S. Court of Appeals for the Second Circuit issued a default notice to Ripple’s legal team for failing to submit an Acknowledgement and Notice of Appearance form by the October 18, 2024 deadline.
Fortunately for Ripple, the court has granted a 14-day extension, allowing the team until November 1, 2024, to complete and submit the necessary paperwork. However, failure to meet this new deadline could prevent Ripple’s lawyers from presenting their arguments in the upcoming appeal hearing, unless they obtain special permission from the court.
Pro-XRP attorney Fred Rispoli commented on the situation, explaining that while missing a filing deadline is not ideal, it isn’t catastrophic. Still, it’s not reassuring to see such oversights, especially considering the hefty legal fees totaling around $8,000 per hour for Ripple’s legal team.
He wrote,
“This time Ripple failed to file a form on time. Not a big deal but also not the kind of thing you are thrilled to see when you are paying a collective $8,000 per hour from your legal team.”
Co-founder Chris Larsen has donated over $11.8 million to support Kamala Harris’s presidential campaign, including a significant $10 million contribution in XRP made in September. In a recent X post, Larsen stressed the need for Democrats to adopt a fresh approach to tech innovation, particularly in the realm of cryptocurrency, expressing confidence that Harris will help maintain America’s technological leadership globally.
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