What to Expect by October 18th!

In a turn of events, an update dropped a bombshell on XRP lovers. We recently reported that there is a confusion going among the community regarding the deadline for the SEC to file the Form-C. Even attorney Jeremy Hogan was unsure when the due date was. Let’s uncover what new update came to light.

Due Date By Court Order

Fox Business journalist Eleanor Terrett shared a court document related to the SEC vs Ripple case. The commission has indeed submitted its initial appeal against the August 7 ruling, however it was not docketed the same day.

🚨NEW: According to this document filed in the Second Circuit, the @SECGov’s notice of appeal was filed the 2nd but not docketed until the 4th.
So, it seems the real deadline is actually Friday, October 18th at 11:59PM.
🫡H/T to a follower for sending me this. pic.twitter.com/H7TWIgGBl6
— Eleanor Terrett (@EleanorTerrett) October 17, 2024

The released document of the United States Court of Appeals for the Second Circuit clears the confusion of the deadline. According to the docket sheet, the notice of appeal filed by the SEC was docketed on October 4 under 24-2648.

Everything Changed

The appearance of this docket sheet changes everything that the community was thinking. The excitement of the XRP community can be seen on the chart. The token surged by around 4% as the date was about to change. Most people thought that the SEC had until 23:59 of October 16 to submit the Form C. As they did not see any updates coming, they started celebrating thinking the due date crossed and now the SEC lost its chance to appeal. However, according to the docket document, the SEC has until 23:59 of October 18 for this submission.

As this docket sheet hit the internet, the price of XRP token plummeted more than 1% instantly. It is currently trading at $0.5576.

The Timeline

The Deadline for the SEC to submit its Form C to provide details of the rulings it wants to challenge is October 18. After 7 days of its submission, Ripple will file its Form C for the cross appeal. Once both parties have submitted this document, they will have to agree for a briefing schedule. This will then give the SEC another 90 days to file its opening brief with its legal argument.

If the SEC files its Form C, this case is going to be extended towards mid of 2025.

We will keep an eye out and keep updating you on the latest developments.

Source: https://coinpedia.org/news/ripple-vs-sec-appeal-deadline-what-to-expect-by-october-18th/