The Securities and Exchange Commission (SEC) might have compromised its legal battle against Ripple by not meeting a crucial deadline for filing its appeal. After declaring its intention to appeal on October 2, the SEC was given a 14-day window to submit Forms C and D, which detail the objections to Judge Analisa Torres’s ruling from August 7. However, as of October 16, these critical documents had not been filed by the SEC. Notably, this deadline encompassed weekends and holidays unless an extension was requested and approved. This potential oversight could have significant ramifications for the SEC in the ongoing lawsuit with Ripple.
Fred Rispoli’s Insights
Attorney Fred Rispoli recently shared his observations on X regarding the SEC’s failure to file Form C on time, which was due by 11:59 PM EST on October 16. According to the Local Rules of the 2nd Circuit, specifically Rule 12.1(d), missing this deadline could lead to the dismissal of the appeal. However, Rispoli urged the XRP community not to be overly optimistic about this development. He explained that appellate courts often show leniency towards federal agencies, and even a minimal justification from the government might allow the court to overlook the missed deadline.
Government Agencies and Judicial Leniency
In a subsequent post, Rispoli humorously pointed out the difference in how deadlines affect private individuals compared to government agencies. He highlighted that if a private individual or attorney missed a similar deadline, their case would likely face dismissal, and he would already be in contact with his malpractice insurer. In contrast, within the “government world,” such rules are not enforced with the same rigor. This missed filing has generated significant confusion and debate within the XRP community.
One prominent commentator, Moon Lambo, underscored an essential element of the situation: the rule specifies that the appeal “will” be dismissed if the deadline is not adhered to, implying severe repercussions for the SEC. Despite this, many believe that the government often receives some leeway, a point supported by Fred Rispoli. His remarks highlight the intricacies of the legal system, particularly in cases involving federal entities like the SEC. While the XRP community remains hopeful for a favorable outcome, Rispoli’s insights suggest that the missed filing may not immediately alter the course of the case.
The SEC’s failure to meet the deadline raises numerous questions about the future proceedings in the Ripple vs. SEC case. As the legal battle continues to unfold, we will monitor developments closely and keep you updated with the latest information.
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