InthelegalbattlebetweenRippleandtheUnitedStatesSecuritiesandExchangeCommission,theSEChasfiledtheCivilAppealPre-ArgumentStatement(FormC)withattachmentsthisweek.
Notably,thedocumentfiledbytheSECwasdatedOct.16,butthecourt\'sfilestampmarksthedocumentasreceivedOct.17,leadingtoquestionsaboutthesignificanceofthesedatesandtheappealdeadline.
TheSEC\'sfilingoftheFormCcivilappealisacrucialstepinitseffortstocontesttheJulysummaryjudgmentrulinginfavorofRipple,viewedasalandmarkdecisionforthecryptoindustry.
TheSECisappealingthesummaryjudgmentrulingon:Ripple\'sXRPsalesthroughexchanges,Ripple\'sdistributionofXRPtoemployeesandothersandRippleexecutivesBradGarlinghouseandChrisLarsen\'ssalesofXRPonexchanges.StuartAlderoty,Ripple\'schieflegalofficer,notedthattheSEC\'sFormCdoesnotappealtherulingthatXRPisnotasecurity.
However,theSECappeal\'sexactfilingdatehasraisedquestions.WiththeSEC\'sdocumentdatedOct.16,butthecourt\'sofficialfilingdatebeingadaylater,speculationhasemergedaboutwhethertheSECmettheappropriatedeadlineforitsappeal.
SECveteranweighsin
FormerSECregionaldirectorMarcFagelhasweighedinonthematter,statingthatthediscrepancybetweenthedocument’sdateandthecourt’sfilestampremainsirrelevant.
Ortoputitanotherway--ifalawyerfilessomethingearly,it\'snotlikealltheotherdeadlinesmoveupinresponse.Fileonday1orday14,theopposingbriefisstillduethesamedate;thehearingisthesamedate;etc.Nothingisdelayed&nobodyisprejudicedbywaiting.
—MarcFagel(@Marc_Fagel)October19,2024
FagelwasrespondingtoanXpostbyXRPcommunitymemberJunglewhichcitedtheSECsayingthatthelatefilingwastimely,\"AnSECspokespersonclarifiedthattherecentfilinginquestionwasindeedsubmittedontime,despitediscrepanciesinthetimestamponFormC.PerMetaLawMan,sincethefilinghasn’tbeenrejectedyet,it’slikelythecourtwillacceptit.Now,alleyesareonRipplefortheirresponsenextweek,\"hispostread.
Inresponse,Fagelhighlightsthatthismightbeirrelevant.\"YouseriouslyoverestimatehowmuchSECattorneyscareaboutwhatpeoplearesayingonCryptoTwitter.TheypulledtogetherthematerialsWednesdaymorning(astheevidenceshows);whyittooksolongforittoshowuponthedocketnobodyquiteunderstands,butit\'sirrelevant,\"hestated.
Fagelfurtherstated:\"Ortoputitanotherway,ifalawyerfilessomethingearly,it\'snotlikealltheotherdeadlinesmoveupinresponse.Fileonday1orday14,theopposingbriefisstillduethesamedate;thehearingisthesamedate;etc.Nothingisdelayedandnobodyisprejudicedbywaiting.\"
u.today