The U.S. Securities and Exchange Commission (SEC) has denied missing its appeal deadline in the ongoing lawsuit against Ripple Labs. Confusion arose when discrepancies were noted between the dates on the SEC’s Form C and the court’s time stamp. Moreover, since there was no filing by Wednesday, October 16, netizens expected the agency to have missed the crucial appeal deadline.
SEC Official Denies Late Form C Filing
On Wednesday, October 17, the SEC filed Form C, appealing the recent summary judgment ruling on three key aspects: Ripple’s sales of XRP through exchanges, its distribution of XRP to employees, and the sales by the firm’s executives, including Brad Garlinghouse and Chris Larsen.
The SEC did not, however, appeal the court’s decision on disgorgement, which lawyer James Murphy, aka MetaLawMan, called “mildly surprising.” Nevertheless, questions regarding the SEC’s filing deadline quickly arose.
Murphy noted the confusion, writing, “The SEC’s Form C is dated October 16. The court’s file stamp on the document is October 17.” This discrepancy sparked concerns that the filing might have been late, which could affect the appeal.
NEW: In response to my question about what happened with the filing deadline and for an explanation as to the date on the Form C not matching the time stamp, an SEC spokesperson told me:
“It was filed on time.”
Listening to @MetaLawMan on @AbsGMCrypto this morning, he said… https://t.co/cygihF4KQM
— Eleanor Terrett (@EleanorTerrett) October 18, 2024
Despite this, an SEC spokesperson assured FOX Journalist Terrett that “it was filed on time.” Terrett further inquired if the documents had been filed earlier but did not appear publicly until the following day. The SEC responded that the documents would be “filed publicly soon,” which suggests that they didn’t miss the deadline.
Legal Expert’s Opinion
MetaLawMan, commenting on the situation, stated that if the filing has not been rejected by the court, “it probably means it will be accepted.” Ripple’s response to the SEC’s appeal is expected next week, leaving the crypto community closely watching the case’s developments.
Meanwhile, Ripple CEO Garlinghouse remains optimistic on the outcome of this appeal. In addition, he is also confident on the approval of an XRP ETF despite legal constraints with the SEC.
Also Read: SEC goes after Ripple execs in latest appeal of securities sales lawsuit
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