SEC Denies Dropping Ripple Appeal, Brad Garlinghouse Reacts

The U.S. Securities and Exchange Commission (SEC) has confirmed that its appeal in the ongoing legal battle with Ripple Labs is “proceeding normally.” This statement strongly refutes speculation that the agency may have missed a critical deadline in the appeal in the XRP lawsuit.

SEC Proceeds with Appeal Against Ripple

A spokesperson from the SEC told FOX journalist Eleanor Terrett, “The appeal is proceeding normally, and the documents will be filed publicly soon.” Ripple CEO Brad Garlinghouse was quick to respond to the SEC’s statement, expressing his frustration with the regulatory body.

In a sharp critique posted on X (formerly Twitter), Garlinghouse wrote, “Proceeding normally for an agency that makes up their own rules as they go!” The confusion surrounding the SEC’s appeal arose earlier this week when legal experts speculated that the agency may have missed the deadline to file Form C, a key document necessary for the appeal to move forward.

Pro-XRP lawyer James Murphy, also known as “MetaLawMan” on X, was one of those who voiced concern over the potential lapse in the SEC’s filing schedule. Murphy initially believed the deadline for the SEC to file the Form C had already passed on Wednesday, October 16.

He wrote on X, “I believe the deadline for the SEC to file the Form C passed at midnight last night. This could indicate: (a) a screw up by the SEC; (b) a technical glitch with the electronic filing system; (c) a decision by the SEC to abandon its appeal; or (d) an agreement with Ripple to drop both appeals.”

Murphy acknowledged that scenario (c), which would suggest the SEC unilaterally abandoning its appeal, was unlikely, stating, “An appellant (SEC) would almost never unilaterally abandon an appeal where a cross-appeal has been filed without first reaching an agreement with the cross-appellant (Ripple).” Such a move would leave the SEC vulnerable to Ripple’s cross-appeal, exposing the agency to greater risk.

Reason Behind Confusion

However, the SEC’s notice of appeal, filed on October 2, was not docketed until October 4. This timing discrepancy led to confusion over the deadline for filing Form C, which some believed had already passed on October 16.

Clarifying the situation, legal analysts pointed out that the deadline for Form C is actually October 18, 14 days after the notice was officially docketed. With the SEC confirming that it is still proceeding with the appeal, attention now shifts to the upcoming deadline on October 18. Hence, the public can expect further filings from the agency soon.

Also Read: SEC’s Ripple Appeal Deadline on Gensler’s Birthday, October 18th

Source: https://www.cryptonewsz.com/sec-ripple-appeal-ceo-brad-garlinghouse/