Source: The Crypto Times
The US SEC’s appeal against the Ripple verdict could be denied because the regulator has yet to file its Form C outlining the part of the case it seeks to appeal.
The XRP community has been anxiously awaiting the plaintiff’s Form C filing since the SEC submitted its appeal notice. It is anticipated that this material will shed light on the impending appeal. 14 days after the SEC sent the Second Circuit its appeal notice on October 2, this file is due.
Discussion Regarding the Form C Deadline
Whether the Form C deadline is October 16 or October 17 is a topic of continuous discussion. Stuart Alderoty, CLO at Ripple, was one of several sources who said that the deadline for submitting Form C is October 16. This was disclosed by the Ripple CLO in a recent interview with Eleanor Terrett of FOX Business.
Remarkably, Sherrie posted a calendar event. Sherrie, a well-known member of the XRP community, indicated that the Form C deadline is October 16.
Source: Sherrie X Post
As October 16 draws to a close, the SEC has yet to submit the Form C to the public docket.
Potential Dismissal of the SEC Case
Although it is still uncertain if the SEC will submit Form C by today’s end, it is important to note that there are serious consequences if this form is not submitted by the deadline.
The SEC’s appeal may be denied as a result, eliminating the regulator’s opportunity to extend the Ripple case past 2025.
Form C states that the appeal will be dismissed if the document is not filed. This must be done within 14 days of submitting the appeal notification.
The Appellate Court May Be Forgiving of the SEC
Fred Rispoli, a leading legal expert, advised members of the XRP community not to get overly enthused about the SEC’s failure to submit Form Cs by the deadline.
If an agency fails to meet the deadline, the SEC’s appeal may be dismissed. Attorney Rispoli noted that appellate courts often show leniency towards government agencies.
Attorney Rispoli said, “Even a weak defense from the government is probably sufficient to let the Court overlook it.”
