Ripple has taken a crucial step in its ongoing legal battle with the SEC. As the deadline nears, Chris Larsen, one of Ripple’s co-founders, has submitted a key document to the court. This submission comes right after the U.S. Second Circuit Court of Appeals issued a procedural warning to Ripple.
Latest Developments in the Ripple-SEC Case
On October 22, the U.S. Second Circuit Court of Appeals reminded Ripple of the need to submit Form C as part of its cross-appeal against the SEC. Chris Larsen swiftly responded to the court’s request by submitting a “Notice of Appearance.” This move aims to expedite the process as the October 24 deadline approaches.
The news was discussed on the Good Morning Crypto program, where it was stated, “Chris Larsen has filed his appearance. The next step is Ripple’s Form C—due by October 24!”
Time Running Out for Form C
Ripple must submit Form C for its cross-appeal against the SEC by October 24. If the form is not submitted on time, Ripple could lose the right to present its oral defense.
Ripple’s Chief Legal Officer, Stuart Alderoty, clarified that this filing will not impact the court’s decision on whether XRP is a security. The ruling that XRP is not a security still stands as law in the U.S. Alderoty also noted that the SEC is unlikely to achieve its desired outcome in this case.
The Future of the Case and Its Impact on XRP
The XRP community is eagerly awaiting the outcome of the case. If Ripple wins, XRP’s price is expected to see a significant boost, potentially reaching new highs. Some investors are even speculating that XRP could eventually rise to as much as $17.
Ripple’s representatives maintain that they have not made any procedural errors and emphasize that the cross-appeal aims to overturn the penalties imposed by the SEC.
In conclusion, Ripple’s recent actions mark an important step in the ongoing legal battle. Should the case be decided in Ripple’s favor, XRP’s value could experience a notable increase.
Ripple, SEC, XRP, Chris Larsen
