The XRP community is currently buzzing with discussions and speculations as Ashley Prosper, a well-known figure in the crypto space, provides insights into the perplexing Ripple vs. SEC appeal deadline. The confusion stems from three key documents that have circulated, each contributing to varied interpretations regarding the SEC’s Form C submission. The initial confusion was sparked by the SEC itself, leaving the community in a flurry of debates over whether an appeal would be filed or not, and now, the possibility of a missed deadline adds another layer of intrigue.
Document Breakdown and Confusion
Ashley Prosper steps in to clarify the situation by addressing the three critical documents:
- Document 1: This document pertains to the acknowledgment and notice of appearance form, which has an October 18 deadline. However, it’s crucial to note that this document is unrelated to Form C.
- Document 2: This outlines the docket entries for the appeal in the 2nd Circuit. Prosper cautions against relying solely on the docket date, as technical delays could inadvertently extend the timeline, leading to potential misinterpretations.
- Document 3: This is from the District Court docket and is the most critical of all. It indicates that the notice of appeal was filed on October 2nd, which would mean the deadline for Form C submission was October 16th.
Based on the information from the District Court’s filing date, Prosper concludes that the SEC has indeed missed its deadline.
Did the SEC Actually Miss the Deadline?
In a follow-up post, Prosper emphasizes that the 14-day countdown commenced on October 2nd, making October 16th the critical deadline. The SEC’s inability to meet this deadline has sparked a wave of questions and concerns within the community. While some, like XRPizzazz, argue that this procedural hiccup might not lead to an automatic dismissal, there are potential repercussions such as warnings or fines.
However, former SEC lawyer Marc Fagel offers a different perspective, explaining that the 14-day deadline for filing might not be as rigid as it seems. He suggests that the court could potentially grant an extension. Fagel reassures the community that even if the SEC missed the deadline, it doesn’t necessarily mean they are abandoning the appeal. The notice of appeal filed by the SEC on October 2 aims to contest a decision involving $125 million in penalties. The case was added to the Second Circuit Court’s docket on October 4, indicating that the SEC still has time to submit the necessary forms for the appeal.
Prosper further notes that if the SEC required additional time, they should have formally requested an extension. Absent a valid technical issue, the missed deadline could represent a significant procedural error for the SEC.
Or Is There a Catch?
Fox Business journalist Eleanor Terrett shed light on the situation in a social media post, clarifying that, according to Ripple’s General Counsel and other legal experts, the SEC’s filing deadline was initially believed to be October 16. However, attorney Jeremy Hogan and Terrett revealed that the actual deadline is October 18 at 11:59 PM, since the appeal wasn’t docketed until October 4. This aligns with common legal practice where the 14-day deadline for an appeal typically starts from the docketed date, rather than the filing date.
With so many differing opinions and no definitive answer in sight, the community is left in anticipation, eagerly waiting to see what unfolds next. Stay tuned with us for further updates as this situation continues to develop.
