The ongoing legal battle between the SEC and Ripple Labs intensifies as the deadline for the SEC’s appeal approaches. The SEC must submit its Form C by Friday, October 18, at 11:59 PM ET, or risk dismissal of its appeal against Ripple’s favorable ruling. This deadline was clarified after initial confusion about whether it was October 16.
🚨 BREAKING:
According to this document, the SEC’s deadline for the #Ripple appeal is Friday, October 18, at 11:59 PM.
So Gary is literally appealing on his birthday 👀 pic.twitter.com/QSYhnEP5R6
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 17, 2024
Interestingly, SEC Chair Gary Gensler’s appeal coincides with his birthday, adding a personal twist to this high-stakes situation. Legal experts have noted that the agency’s notice of appeal was filed on October 2 but officially docketed on October 4, extending the filing period by two days.
What if SEC fails to file for Form C?
If the SEC fails to meet this deadline, it could face significant setbacks, potentially losing its chance to challenge Ripple’s legal victories regarding XRP sales. Meanwhile, Ripple has been proactive in preparing for any developments, having filed necessary documents promptly.
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In a twist of fate, the agency’s Chair Gensler might just emerge as a “changed man” if he misses the Form C deadline in the Ripple case. After all, what better birthday gift than a legal setback? Imagine Gensler celebrating with a slice of cake while the crypto community chuckles at his missed filing.
Impact on Ripple’s XRP
The agency’s potential failure to meet the October 18 deadline for its appeal could significantly affect Ripple’s XRP token. If the appeal is dismissed, XRP would likely retain its current classification as non-security for retail sales, potentially stabilizing its market position and restoring investor confidence.
As the deadline looms, speculation grows within the crypto community about the implications of a missed filing and what it may mean for future regulatory actions against cryptocurrencies. The outcome of this case could set important precedents in the evolving landscape of digital asset regulation.
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