The Ripple vs. SEC showdown is heating up as we approach a critical stage. Ripple co-founder Chris Larsen has made a strategic move that could significantly impact the outcome of this high-stakes legal battle. In a last-ditch effort to prevent a procedural misstep, Larsen has filed a Notice of Appearance, just days before a crucial deadline.
This is a clear signal of Ripple’s determination to defend its court victory, which declared XRP as a non-security.
What’s really at stake?
Ripple Takes Action to Avoid Default
On October 22, the U.S. Appeals Court for the Second Circuit warned Ripple about a potential procedural default tied to the upcoming Form C deadline. In response, Chris Larsen quickly filed the Notice of Appearance, making sure Ripple stays in compliance with the court’s rules. This timely action shows Ripple’s determination to keep pushing forward with its legal battle and to avoid any setbacks.
XRP Status? No Question About It!
Ripple’s cross-appeal aims to put an end to the SEC’s enforcement efforts. The company’s legal team, led by Chief Legal Officer Stuart Alderoty, believes the SEC won’t succeed in overturning Judge Analisa Torres’s previous decision, which declared that XRP is not a security. Alderoty emphasized that this ruling is now “the law of the land,” noting that even if the SEC’s appeal is successful, the most they could achieve would likely be sending the case back for further review.
He also pointed out the challenges the SEC faces, saying it would have to argue that Judge Torres’s decision lacked “ordinary intelligence.”
Form C Filing Deadline Looms
As the October 24 deadline for submitting Form C nears, Ripple is preparing to meet this critical requirement. The document is essential for continuing the cross-appeal, as failing to submit it would mean Ripple loses the chance to present further oral arguments. However, Ripple appears determined not to miss this deadline. Its legal strategy remains focused on ending the SEC’s enforcement actions and ensuring XRP’s status as a non-security is upheld.
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XRP Price is Hanging By a Thread
The XRP community is closely watching the lawsuit, as a favorable ruling could significantly affect XRP’s price. Many investors expect a legal win for Ripple could spark a rally, possibly driving XRP towards its all-time high of $3.84. Despite the cryptocurrency trading under $1 for a long time, investor sentiment remains optimistic, with some even predicting XRP could reach $17 if Ripple secures a decisive victory.
So far Ripple has stood strongly in the case as the ultimate aim is the clear the XRP status. With this latest move will it hit the right cord it is yet to be seen. Stay tuned with Coinpedia for more information!
Source: https://coinpedia.org/news/ripple-vs-sec-update-is-victory-on-the-horizon-after-larsens-intervention/