Confusion Surrounds SEC Appeal Deadline in Ripple Case

The XRP community is currently grappling with confusion surrounding the appeal deadline in the ongoing Ripple versus SEC case.

Ashley Prosper, a notable figure in the crypto space, has taken to social media to dissect the situation, highlighting three key documents that have led to varying interpretations of the SEC’s Form C submission timeline.

Prosper points out that the SEC’s handling of the case has raised eyebrows, especially given the recent uncertainties. He examines the documents: one outlines an acknowledgment form due on October 18, which does not pertain to Form C.

Another document discusses docket entries from the 2nd Circuit, warning against misinterpretation due to possible technical delays. The most significant document reveals that the notice of appeal was submitted on October 2, establishing October 16 as the crucial deadline for Form C.

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In follow-up comments, Prosper stresses that the SEC’s 14-day countdown began with the October 2 filing, meaning they likely missed their submission deadline. Although some community members believe this error may not automatically result in a dismissal, it could trigger consequences like warnings or fines.

Former SEC attorney Marc Fagel reassured the community that missing the deadline does not mean the SEC is abandoning its appeal related to a hefty $125 million penalty.

In an unexpected turn, Fox Business journalist Eleanor Terrett shared insights suggesting that, according to Ripple’s General Counsel and other legal experts, the actual deadline might be October 18 at 11:59 PM, as the appeal was only docketed on October 4. This nuance indicates that the 14-day period for the SEC starts from the docket date, not the filing date.

Alexander Zdravkov