Ripple Lawsuit Update: Can the SEC Bounce Back After New Appeal Deadline?

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The SEC may have jeopardized its case against Ripple by missing a critical deadline to file its appeal. After announcing its intent to appeal on October 2, the regulator had 14 days to submit Forms C and D detailing its objections to Judge Analisa Torres’s August 7 ruling. However, as of October 16, the SEC had not filed these necessary documents, and the deadline included weekends and holidays unless an extension was granted. This oversight could prove costly for the SEC in the ongoing Ripple lawsuit. 

Fred Rispoli Weighs In 

Attorney Fred Rispoli recently took to X to update the XRP community about the government’s missed Form C filing, which was due by 11:59 PM EST on October 16. While the 2nd Circuit’s Local Rule 12.1(d) indicates that failure to comply could result in the dismissal of the appeal, Rispoli advised the community not to get overly optimistic. He explained that appellate courts tend to be lenient with federal agencies, and even a weak excuse from the government could allow the Court to let the deadline slide.

Courts Show Leniency to Government Agencies

In a follow-up post, Rispoli humorously noted the disparity in how deadlines affect private individuals vs government agencies. He emphasized that if a private individual or lawyer missed such a deadline, their case would likely be dismissed, adding that he would already be contacting his malpractice insurer. However, in the “government world,” such rules usually don’t apply with the same strictness. 

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Community Reactions to Missed Deadline

The missed filing has created major confusion within the XRP community. One key commentator, Moon Lambo, highlighted an important aspect of the situation: the rule states that the appeal “will” be dismissed if the deadline isn’t met, which suggests there could be serious consequences for the SEC. However, many believe that the government often gets some flexibility, as pointed out by Fred Rispoli.

Rispoli’s comments are deeply rooted and show how fair the legal system is, especially when it comes to cases involving federal agencies like the SEC. While many people in the XRP community are still hopeful for a positive outcome, Rispoli’s perspective indicates that the missed filing probably won’t have a big impact on the case right away. SEC’s missed deadline raises many questions and only time will tell what new turn the Ripple vs SEC case will take now. 

We will keep an eye out and keep updating you on the latest developments in Ripple news.