After missing a crucial filing deadline, Ripple Labs has hit a procedural hurdle in its ongoing legal battle with the Securities and Exchange Commission (SEC). Earlier today, the US Court of Appeals for the Second Circuit issued a default notice to Ripple’s legal team for failing to submit an Acknowledgment and Notice of Appearance form by the October 18, 2024 deadline. This oversight could have significant consequences for Ripple’s defense in the appeal process.
The court has provided Ripple additional time – 14 days – which means that Ripple has until November 1, 2024, to submit the necessary documentation. However, should Ripple’s lawyers not file the legal briefing by this new date, they will be deemed to have waived their right to air their voices during the appeal hearing. Any further procedural developments will only need permission from the court, meaning more risks for Ripple as it battles against the charges from the SEC.
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Missed Filing Raises Concerns Over Ripple’s Legal Strategy
Legal experts have voiced concern over the missed deadline, with attorney Fred Rispoli commenting that while the error may seem minor, it reflects poorly on a legal team charging such high fees. “This time, Ripple failed to file a form on time. Not a big deal, but also not the kind of thing you want to see when paying $8,000 per hour for legal services,” Rispoli stated. He highlighted that this avoidable mistake could prove costly at a critical stage in the appeal.
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Ripple’s case against the SEC has attracted widespread attention, and any missteps in the legal process could weaken the company’s defense. The extension helps Ripple file all the necessary paperwork and shows how critical it is to be very careful when dealing with any legal matters.
Conclusion
Ripple’s legal team must meet the new deadline to avoid further complications. Any additional delays could undermine its defense in this high-stakes legal battle against the SEC.
Also Read: Ripple Confident as Appeals Court Decision Nears in SEC Case
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.