On October 22, 2024, the United States Court of Appeals for the Second Circuit issued a significant notice concerning the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple.
Amelie (@_Crypto_Barbie), a prominent crypto figure on X, shared the court’s notice. It highlighted a procedural oversight by Ripple’s co-founder Chris Larsen’s legal team, who failed to submit the required Acknowledgment and Notice of Appearance by the due date of October 18, 2024.
This lapse could prevent Larsen’s counsel from participating in oral arguments unless the error is rectified within 14 days.
The court’s notice specifies that the appellee’s counsel must file an Acknowledgment and Notice of Appearance. If the appellee’s counsel does not address this within the 14-day window from the notice date, their ability to be heard at oral arguments will be at the court’s discretion.
Prominent lawyer Marc Fagel provided further clarity on this issue, emphasizing that the notice is directed specifically at Larsen and not the SEC. He stated, “This has nothing to do with the SEC or any supposedly late filing. This is directed at Larsen, who has not yet filed his appearance in this case.”
Fagel also dispelled any confusion regarding the SEC’s filings, confirming that the SEC’s Form C was prepared on the due date, October 16, 2024, and docketed the following day. The SEC’s Form C was not shared publicly on October 16, leading to speculation that the regulator had missed the deadline or that the deadline was October 18.
As a result, some in the community misinterpreted this notice, assuming it referred to the SEC supposedly missing its deadline. However, Fagel indicated that there is no evidence suggesting any delay by the SEC in filing Form C, and clarified what the recent notice from the court was about.
Another legal expert, Fred Rispoli, weighed in on the situation, commenting on the procedural lapse by Ripple’s legal team. He remarked, “This time Ripple failed to file a form on time. Not a big deal but also not the kind of thing you are thrilled to see when you are paying a collective $8,000 per hour from your legal team.”
Such oversights, even if minor, can have significant implications on the ability of legal teams to represent their clients effectively.
In this instance, failure to file an Acknowledgment and Notice of Appearance timely could hinder Ripple’s defense strategy unless promptly corrected. Ripple now has until October 5 to file its notice.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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