The XRP community is actively debating the uncertainty surrounding the Ripple vs. SEC appeal deadline, with prominent community member Ashley Prosper shedding light on the issue. Three key documents are driving different interpretations of when the SEC’s Form C submission is due, leaving many unsure about the real timeline.
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 Overview: What Do They Reveal?
Prosper clarifies the situation by discussing three separate documents:
Document 1: Acknowledgment and Notice of Appearance Form
This document, due by October 18, primarily serves to confirm participation in the case and is not directly connected to the Form C deadline.
Document 2: Docket Entries in the Second Circuit
Prosper points out that relying solely on the Second Circuit’s docket dates can be misleading, as technical delays might cause inaccurate extensions in the timeline. This could lead to confusion about the actual deadline.
Document 3: District Court Docket – The Key Document
According to Prosper, this document is the most important. It indicates that the notice of appeal was filed on October 2, meaning the deadline for the SEC to submit Form C was October 16. Based on this date, Prosper argues that the SEC missed the deadline.
Did the SEC Miss the Filing Deadline?
Following Prosper’s analysis, she reiterated that the 14-day countdown began on October 2, confirming October 16 as the due date. The SEC’s apparent failure to meet this deadline has sparked concern within the community. While some, like XRPizzazz, believe that missing the deadline may not automatically dismiss the case, they acknowledge that it could result in consequences such as warnings or fines.
Former SEC attorney Marc Fagel offered a different perspective, explaining that the 14-day deadline is not always strict. Courts have the discretion to extend it, and he reassured the community that a missed deadline doesn’t mean the SEC is giving up on the appeal. The SEC’s notice of appeal, filed on October 2, seeks to challenge a decision involving $125 million in penalties.
The case was added to the Second Circuit’s docket on October 4, suggesting the SEC may still have time to submit the required forms.
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.
Clashing Views, Important Clarifications
Fox Business journalist Eleanor Terrett shared on X that Ripple’s General Counsel and other legal experts initially believed the SEC’s deadline was October 16.
However, attorney Jeremy Hogan and Terrett later clarified that the actual deadline is October 18 at 11:59 PM. Since the appeal wasn’t docketed until October 4, the 14-day countdown typically starts from that date rather than the filing date.
With varying opinions and no concrete answers, the XRP community is left waiting to see what happens next. The situation remains uncertain, and the potential consequences for Ripple, the SEC, and the broader crypto market are still unfolding.
