Will the SEC’s Civil Appeal Be Dismissed? XRP Community Celebrates
The post Will the SEC’s Civil Appeal Be Dismissed? XRP Community Celebrates appeared on BitcoinEthereumNews.com.
The ongoing legal battle between Ripple and the SEC has captured significant attention on social media, with new claims emerging almost daily. Recently, some discussions have centered around procedural aspects of the case. Key Claims Regarding the SEC’s Civil Appeal According to recent claims, the SEC is obligated under Local Rule (L.R.) 25.1 to file a Form D and pay a docketing fee of $505 within 14 days of their civil appeal. If they fail to comply, the appeal could potentially be dismissed. #XRP NEWS FLASH 🚨 According to Local Rule (L.R) 25.1, the SEC is required to fill form D and pay a total sum of $505 docketing fee within 14 days of their civil appeal. Hence, their civil appeal will be dismissed 👌 pic.twitter.com/DqJoNMH5rs — RippleLord 🥇 (@Ripplelordz) October 23, 2024 However, this situation has prompted clarification from former SEC lawyer Marc Fagel. He said that the SEC has indeed filed the necessary documents, stating, “It’s filed.” He wrote, “It’s filed. Note to XRP Twitter: Maybe chill out on the fixation with arcane filing minutiae; the parties are in compliance, and the appeal is not going anywhere. Don’t expect much of interest until briefing & argument, which are many months away.” Cross-Appealing the District Court’s Ruling In addition to procedural updates, Fagel revealed that Ripple is cross-appealing the district court’s ruling that Ripple’s institutional sales of XRP did not constitute unregistered securities sales. This aspect of the case remains critical, as it could significantly impact the future of XRP and Ripple’s operations. Conclusion: Ripple has until November 5th to acknowledge the appeal, while the SEC has already filed its appeal. CEO Brad Garlinghouse criticized the SEC for its lack of transparency and its aggressive stance towards the crypto industry. However, Stuart Alderoty, Chief Legal Officer at Ripple, commented…
Filed under: News - @ October 24, 2024 4:22 am