The legal battle surrounding Ripple Labs and the U.S. SEC continues to unfold, with new developments in the XRP case. The U.S. Second Circuit Court of Appeals has issued a warning to Ripple regarding a procedural oversight, which could impact the company’s ability to present arguments in upcoming oral hearings.
What Legal Documents Are Required?
The Second Circuit has noted that Ripple has yet to submit the necessary Attorney Approval and Appearance Notice, a document due on October 18. This omission raises concerns about Ripple’s preparedness for the next steps in the legal process.
How Will Ripple Labs Respond?
While the SEC met its Form C filing deadline without issue, Ripple Labs received a 14-day extension to rectify its procedural shortcomings. Failure to submit the required documents could prevent Ripple’s attorneys from delivering oral arguments in the appeal.
Ripple Labs is committed to complying with court requirements and does not anticipate future violations. After the SEC’s recent Form C submission, Ripple’s Chief Legal Officer, Stuart Alderoty, stated that the company plans to respond promptly.
- The case may influence future regulatory approaches to cryptocurrency.
- Ripple aims to counter the SEC’s enforcement methods.
- The appeal’s outcome could have lasting effects on cryptocurrency regulations.
The ongoing developments in the XRP case signify a pivotal moment for Ripple Labs, where strategic decisions will not only shape the case’s result but also impact the broader cryptocurrency regulatory landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/ripple-labs-faces-legal-hurdles-in-xrp-case