Ripple vs SEC Lawsuit Case: This is the Latest Development, You Must Know

Bittime - The conflict between Ripple and the United States Securities and Exchange Commission (SEC) is heating up again. The XRP lover community was shocked by the uncertainty regarding the deadline for submitting appeal documents from the SEC. 

Amid the speculation and confusion, some figures, including lawyer Jeremy Hogan, admitted that they too were not entirely sure what the actual deadline would be. 

However, now an official document from the court has answered this question. What actually happened and what does it mean for the future of XRP? Check it out in this article!

Court Documents Clarify Deadline

A Fox Business journalist, Eleanor Terrett, shared court documents containing the latest developments in the Ripple vs SEC dispute. The document shows that although the SEC had filed a notice of appeal of the August 7 ruling, the process was not immediately recorded on the same day.

Based on documents from the United States Court of Appeals for the Second Circuit, the SEC's notice of appeal was only officially registered on October 4 with docket number 24-2648. This was a key point that changed public expectations regarding the SEC deadline.

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XRP's Euphoric Moment Turns Out Premature

Previously, the XRP community celebrated because they suspected that the SEC deadline would end on October 16 at 23.59 local time. When until then there was no further news from the SEC, many thought the SEC's opportunity to appeal had run out, and Ripple had won. This even caused the price of the XRP token to rise by around 4% on the crypto market, reflecting the euphoria of investors.

However, that all changed with the emergence of court documents stating that the SEC actually had until October 18 at 11:59 p.m. to file a Form C document—an important form detailing which decisions they would challenge in an appeal.

Timeline of SEC Appeal Process Against Ripple

If the SEC is successful in submitting Form C on time, this legal process will continue until 2025. Here is a timeline to keep in mind:

1. 18 October 2024: Deadline for SEC to file Form C.

2. 7 Days After SEC Filing: Ripple will submit Form C for cross appeal.

3. Scheduling Appeal Files: After both parties submit their documents, the court will set a schedule for the process of submitting their respective legal documents.

4. 90 Days for Filing SEC Arguments: The SEC has 90 days to submit their opening argument file.

With this timetable, it is very likely that the trial will drag on until mid-2025, meaning uncertainty will continue to surround XRP's future in the market.

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What is the Impact for Ripple and XRP Investors?

The emergence of this document clearly dashed the hopes of the XRP community who previously thought the SEC had run out of time to appeal. For investors, this development indicates that volatility will remain high, with the potential for significant price changes depending on the final outcome of the appeal.

In a situation like this, XRP holders need to be prepared for prolonged uncertainty. The SEC seems determined to prolong this dispute, which could mean Ripple and its community will have to wait longer to see the light of day.

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