Former SEC attorney Marc Fagel has stepped into the spotlight to share important insights into the ongoing legal battle between Ripple and the SEC. Recently, the United States Court of Appeals for the Second Circuit issued an “Acknowledgment and Notice of Appearance Default Notice” in the SEC v. Ripple case. This announcement has stirred significant discussion within the XRP community, with many seeing it as a warning to the SEC about its compliance in the proceedings.
We’re sure you are eager to learn more about what this means for crypto regulation in the years ahead. Read on for insights.
Fagel clarified that the notice specifically targets Ripple co-founder Chris Larsen, one of the appellees in this case, rather than the SEC’s actions. He explained that Larsen’s legal team missed the October 18 deadline to submit the required notice of appearance, leading the court to grant a 14-day extension for compliance.
Fagel pointed out the serious implications of this oversight. If Larsen’s legal team fails to file the necessary paperwork by the November 5 deadline, they risk losing the right to present oral arguments, which could significantly weaken Larsen’s position in the case.
The notice poses serious challenges for Chris Larsen’s legal strategy. Missing the new November 5 deadline could limit his attorneys’ ability to advocate effectively, reducing Larsen’s impact on the case. This situation highlights the importance of following procedural rules in high-stakes litigation, especially in a case as closely watched as SEC vs. Ripple.
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed that the company will submit its pre-argument by October 25, 2024. This submission will contest Judge Torres’ ruling on XRP’s institutional sales. A timeline for appeal briefs will follow, with the SEC likely given up to 90 days for its response, which may extend the legal battle into mid-2025.
The Ripple vs SEC case continues to unfold with surprising twists and turns. What are your predictions for the outcome?
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