Fox Business journalist Eleanor Terrett recently shared a key update regarding the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple.
Terrett reported on X that the SEC spokesperson says, “The appeal is proceeding normally, and the documents will be filed publicly soon.” While this statement was intended to clarify the status of the SEC’s legal proceedings, it sparked immediate responses from the community.
Ripple CEO Brad Garlinghouse was quick to respond to Terrett’s post, criticizing the SEC for irregularities in their approach to deadlines and legal procedures.
He remarked that the case is “proceeding normally for an agency that makes up their own rules as they go,” an assertion that reflects long-standing frustrations within the cryptocurrency community regarding the SEC’s handling of regulatory matters.
This comment was not just about the delay itself but also spoke to a larger pattern of the SEC’s inconsistent and arbitrary enforcement actions.
Fred Rispoli, a prominent attorney who has closely followed the Ripple case, added his take on the situation. He speculated that missing the deadline is a sign of internal mismanagement.
Rispoli stated, “Translation: Oh crap! We mis-calendared the deadline and gotta get that file NOW!” If this is the case, serious administrative errors like this could greatly undermine the agency’s credibility.
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Other Reactions from the Community
Community reactions to Terrett’s post revealed similar frustrations. Although there was some initial confusion about the deadline, experts have clarified that the deadline was October 16 instead of October 18 which many speculated.
One user questioned whether the SEC was exempt from adhering to deadlines, posting, “So @SECGov can just disregard deadlines? Laws don’t apply to them I guess.” Another asked, “When is it normal to file required forms after the deadline?” These comments reflected a shared concern over the transparency and accountability of the SEC’s legal conduct in this high-profile case.
Critics of the SEC’s approach have long voiced concerns over what they perceive as delays and inconsistencies in its actions. For Ripple and its supporters, the drawn-out legal process, which started in 2020, has become symbolic of a larger regulatory challenge facing the entire cryptocurrency industry.
The SEC’s decision to further extend the lawsuit through the appeal has frustrated the community, and the SEC’s seeming nonchalance did not sit well with community members. Ultimately, the SEC’s assurance that the appeal is “proceeding normally” did little to alleviate doubts. To many in the crypto community, the agency’s handling of the case with missed deadlines, delays, and perceived arbitrariness has fostered a growing sense of distrust.
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