The SEC has come under fire for failing to submit a crucial document in its ongoing legal battle with Ripple. The SEC still hasn’t submitted the required Form C for its appeal to the Second Circuit Court of Appeals. This form is critical as it outlines the specific issues the SEC challenges in the case. Its absence has caused delays and sparked confusion, with some questioning the regulator’s approach.
Yesterday, the SEC filed a modest appeal against Judge Analisa Torres’ decision, which favored Ripple by deciding that XRP is not a security. However, the omission of Form C has sparked widespread criticism of the SEC’s efficiency and strategy in this high-stakes action. Observers have voiced worry that the delay may indicate more profound difficulties inside the SEC’s legal procedure, casting uncertainty on how the case would move.
Also Read: SEC Appeals Judge Torres Ruling on XRP Classification, What Does this Mean for XRP?
Ripple Cross-Appeal Likely, Experts Predict Extended Legal Battle
Observers, including attorney Fred Rispoli, commenting on the events, offered the opinion that the SEC might now try to elongate the days required to file briefs further. He mentioned that they might move the briefing date from December 2024 to January 2025, with Ripple possibly filing an opening brief in January 2025. This delay could stretch the legal proceedings further, with some experts predicting the case may not conclude until 2026.
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Form C is also missing, affecting Ripple’s inability to file cross-appeal. By not having the form, Ripple cannot proceed with its appeal, which stifles the company and its legal representatives. The cross-appeal can be filed after the form is filed, and the company has only 14 days to file it. As the community anxiously watches for further updates, XRP attorney Bill Morgan weighed in, saying it’s unlikely Ripple will miss the opportunity to file its cross-appeal.
The ongoing delays and the SEC’s omission of Form C have added another layer of complexity to an already lengthy legal battle. As both sides prepare for the next phase, the lawsuit could take much longer than initially anticipated.
Also Read: XRP Drops Over 13% Following SEC Appeal in Ripple Lawsuit
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.