- Ripple missed a major court filing limitation but got a 14-day extension to fix it.
- If the firm misses the new completion date, its lawyers may lose the chance to present arguments.
- The court case between Ripple and the SEC could impact the entire virtual transfer market.
Ripple’s lawful team has been given a 14-day extension after missing a crucial court deadline in its pending drawback against the SEC. The U.S. Court of Appeals for the Second Circuit granted the addition, setting a new time limit for November 1, 2024. The company had failed to file the required acknowledgement and notice of appearance form, which was originally due by October 18, 2024. Missing the contemporary end date could prevent lawyers from presenting their arguments without special permission from the court.
Ripple Faces Constitutional Strategy Risks After Missing The Set Date
Though the court allowed more time, this delay could affect Ripple’s defense in its case against the SEC. The firm is appealing a July 2023 decision by Judge Analisa Torres. She ruled that XRP sales to institutional buyers violated U.S. securities laws, resulting in a $125 million penalty. However, she also ruled that XRP sales on public exchanges do not qualify as securities.
Ripple must now meet the new date of November 1 to avoid further acceptable issues. Failing to file the paperwork on time could make it harder for them to defend their case in court. Lawyer Fred Rispoli commented that the delay was avoidable and could complicate its judicial fight.
Ripple’s Legal Battle Could Impact the Crypto Market
Ripple’s scenario against the SEC is being closely watched by the cryptocurrency market. Besides its appeal, the SEC is appealing the decision that said XRP sales on public exchanges are not securities. If the SEC wins its appeal, other digital currency companies could face more regulatory challenges.
Ripple’s defense team now has the added pressure of knowing that this case could impact the broader crypto market. Investors are watching closely, as the outcome could set lawfully precedents that affect the industry for years to come.
Will Ripple Avoid More Legal Setbacks?
Missing future deadlines could make it harder for the organisation to defend itself in its still-occurring fight against the SEC. This regulatory combat holds high stakes for both Ripple and the entire crypto industry.
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