The XRP lawsuit is currently protracted, with appeals and cross-appeals being filed by the US SEC and Ripple Research Institute, respectively. Earlier today, the U.S. Court of Appeals for the Second Circuit issued a notice to Ripple of a possible procedural default. The filing served as a warning to blockchain payment companies not to exclude lawyers from future oral arguments.
XRP litigation: default and second chances
XRP litigation is fast-paced, with two unique cases alleging default in the past month. First, the community believed that the US SEC had failed to file a Form C to strengthen Judge Annalisa Torres’ appeal of the Ripple case ruling.
The market regulator finally filed the Form C statement last Thursday. Now, Ripple is in the spotlight over its default, and the tables have turned. According to the Second Circuit’s notice, Ripple has not yet filed an attorney’s approval and a notice to appear. The document was due Oct. 18, according to the court.
Unlike the US SEC, which missed its Form C filing deadline, the court gave Ripple Labs 14 days to file. If the company fails to submit the required documents in the XRP case, its lawyers may not have the opportunity to make oral arguments in the appellate case.
In the document, the court stated that Ripple Labs (defendant, also referred to as “respondent”) had not yet submitted the form, even though it was supposed to do so by October 18. are. It will take more days to accomplish that. If that doesn’t solve the problem, maybe…
— xrp and your mother 🫵 (@xrp187) October 22, 2024
Next steps for Ripple Labs
Ripple Labs has not yet violated any court due process laws known to the community and is unlikely to begin doing so now. When the US SEC filed its Form C statement last week, Ripple CLO Stuart Alderroti informed the community that the company planned to file a response this week.
The company has clearly defined its goals in the XRP litigation. Company executives said the cross-appeal will help put a final end to the SEC’s enforcement tactics. It is noteworthy that the regulator has put crypto assets on its priority list for the 2025 exam.
This case is significant because it could help change the enforcement narrative to some extent.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and the innovations driving public acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has inspired his contributions to well-known blockchain-based media and sites. Benjamin Godfrey loves sports and farming. X, Follow him on Linkedin
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