The U.S. Securities and Exchange Commission (SEC) appears to have missed a crucial deadline in its appeal of the XRP lawsuit, leading to significant speculation from industry observers and legal experts.
Journalist Eleanor Terrett of Fox Business recently shared on X that while the SEC filed its notice of appeal on October 2, 2024, the document was not officially docketed until October 4.
This detail has sparked a debate on whether the SEC’s deadline to file Form C for the appeal is October 18 rather than October 16, as previously thought.
Terrett highlighted this discrepancy by posting a document showing that the appeal was docketed on October 4, suggesting that the 14-day deadline might push the final date to October 18.
She further noted that she was seeking comments from relevant parties to clarify the situation, underlining that the correct deadline might allow the SEC a few extra days.
🚨NEW: According to this document filed in the Second Circuit, the @SECGov’s notice of appeal was filed the 2nd but not docketed until the 4th.
So, it seems the real deadline is actually Friday, October 18th at 11:59PM.
🫡H/T to a follower for sending me this. pic.twitter.com/H7TWIgGBl6
— Eleanor Terrett (@EleanorTerrett) October 17, 2024
The Community Responds
The XRP Army quickly responded to Terrett’s observations. Ashley Prosper, a prominent voice in the community, stated that many rely on the 2nd Circuit docket to estimate the deadlines.
However, he pointed out that the notice of appeal was originally filed in the district court. He said only the filing date is crucial in determining the timeline for the submission of Forms C and D.
Prosper reaffirmed that, according to court rules, the 14-day countdown began from the filing date (October 2), not when it was docketed in the 2nd Circuit on October 4.
Vincent Van Code, another well-known figure in the community, also weighed in. He expressed skepticism about the conflicting dates, emphasizing that the notice of appeal was officially filed on October 2.
Van Code questioned the sources providing the October 18 deadline, maintaining that the original district court filing date should be the authoritative reference.
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What Happens Now?
The speculation is not just about the deadline itself but also what consequences might follow. One community member pointed out that while the SEC missed the deadline based on the filing date, the court has discretion over whether to accept the late submission.
He further suggested that the court might allow the appeal to proceed if there is reasonable ground for the SEC’s delay. Additionally, there are rumors of a potential settlement between the SEC and Ripple, with some speculating that the SEC’s delayed filing might be a strategic move to negotiate a larger financial settlement.
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