Ripple is taking decisive action in its ongoing legal dispute with the SEC. As the deadline for a critical filing looms, Chris Larsen, a co-founder of the company, has filed an essential document with the court. This step follows a warning from the Second Circuit Court of Appeals about procedural issues concerning Ripple’s case.
What Are the Recent Developments in the SEC Case?
On October 22, the Second Circuit Court of Appeals reiterated to Ripple the importance of completing its Form C submission for the cross-appeal against the SEC. Larsen took swift action by submitting an urgent motion to accelerate this process ahead of the impending deadline.
Will Ripple Meet the Form C Deadline?
Ripple is required to file the Form C document by October 24 to maintain its right to appeal the SEC’s decisions. Missing this deadline could forfeit Ripple’s opportunity for an oral defense in court.
Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the submission of Form C will not alter the current classification of XRP as a non-security. He noted that the existing ruling regarding XRP remains valid under national law, making it challenging for the SEC to achieve its desired outcomes at this stage.
What Could This Mean for XRP’s Future?
The XRP community is watching the case’s developments closely. A favorable outcome for Ripple could lead to a significant surge in XRP’s price, with some enthusiasts predicting it may even revisit its previous all-time high, eyeing ambitious figures like $17 in the future.
- Chris Larsen’s filing indicates Ripple’s commitment to the case.
- Failure to submit Form C by October 24 could result in losing the opportunity for a defense.
- Ripple maintains that XRP is recognized as a non-security under current law.
- The case’s outcome may have a profound impact on XRP’s market value.
Ripple’s proactive measures represent a pivotal moment in its legal journey. The court’s decision in favor of Ripple could lead to a substantial boost in XRP’s market performance, reflecting the community’s optimism for the cryptocurrency’s future.
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-advances-in-sec-legal-proceedings