Ripple vs. SEC Lawsuit Update: SEC Appeal Deadline Confusion Explained

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The XRP community is abuzz as Ashley Prosper, a prominent figure in the space, breaks down the confusion surrounding the Ripple vs. SEC appeal deadline. There are three key documents in circulation, each leading to differing interpretations on the timing of the SEC’s Form C submission. 

First SEC created the confusion of appeal or no appeal now missing the deadline seems fishy and the scenario is intense now. Let’s understand the key documents to know the real scenario. 

Document Breakdown and Confusion

Prosper clarifies the situation by discussing three separate documents:

• Document 1 refers to the acknowledgment and notice of appearance form, which has a deadline of October 18 but is unrelated to Form C.

• Document 2 outlines the docket entries for the appeal in the 2nd Circuit. Prosper points out that relying on the docket date would be misleading, as technical delays could unfairly extend the timeline.

• Document 3, from the District Court docket, is the most critical. It shows that the notice of appeal was filed on October 2nd, meaning the deadline for Form C submission was October 16th.

Prosper concludes that based on the District Court’s filing date, the SEC missed its deadline. 

Did the SEC Actually Missed Deadline?

In a follow-up post, Prosper reiterates that the 14-day count began on October 2nd, making October 16th the deadline. The SEC’s failure to meet this deadline has raised questions within the community. While some, like XRPizzazz, argue that this procedural misstep won’t lead to automatic dismissal, they acknowledge potential consequences like warnings or fines.

However, former SEC lawyer Marc Fagel explained that the 14-day deadline for filing may not be strict, and the court could extend it. He reassured the community that even if the SEC missed the deadline, it doesn’t mean they’re giving up on the appeal. The SEC’s notice of appeal, filed on October 2, aims to challenge a decision involving $125 million in penalties. The case was added to the Second Circuit Court’s docket on October 4, so the SEC still has time to file the necessary forms for the appeal.

Prosper adds that if the SEC needed more time, they should have filed for an extension. Without a valid technical issue, the missed deadline could present a significant procedural error for the SEC.

Or There’s a Catch!

Fox Business journalist Eleanor Terrett clarified in an X post that, according to Ripple’s General Counsel and other lawyers, the SEC’s filing deadline was initially believed to be October 16. 

Having said that, 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 the legal practice where the 14-day deadline for an appeal typically starts from the docketed date, not the filing date.

So many views and no concrete answer is available at bay so we need to wait and watch what comes next! Stay tuned with us.