The SEC may have jeopardized its case against Ripple by missing a critical deadline to file its appeal. After announcing its intent to appeal on October 2, the regulator had 14 days to submit Forms C and D detailing its objections to Judge Analisa Torres’s August 7 ruling. However, as of October 16, the SEC had not filed these necessary documents, and the deadline included weekends and holidays unless an extension was granted.
This oversight could prove costly for the SEC in the ongoing Ripple lawsuit. Attorney Fred Rispoli recently updated the XRP community about the government’s missed Form C filing, which was due by 11:59 PM EST on October 16. While the 2nd Circuit’s Local Rule 12.1(d) indicates that failure to comply could result in the dismissal of the appeal, Rispoli advised the community not to get overly optimistic.
He explained that appellate courts tend to be lenient with federal agencies, and even a weak excuse from the government could allow the Court to let the deadline slide.
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