MetaLawMan, a cryptocurrency-focused attorney, has addressed the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
In a recent statement, he discussed the potential impacts surrounding the SEC's appeals process, noting that the deadline may have passed without the required filing.
MetaLawMan suggested that the SEC may have missed the deadline to file Form C, which was due by midnight the previous night. He outlined several possible scenarios for the delay:
- A mistake by the SEC.
- A technical issue with the electronic filing system.
- SEC's decision to drop appeal.
- An agreement between the SEC and Ripple to drop both appeals.
While noting these possibilities, MetaLawMan expressed skepticism about the third scenario, arguing that it is unlikely that the SEC would unilaterally drop its appeal while Ripple’s cross-appeal is pending. Doing so would put the SEC at a disadvantage, he said, because it would continue to be exposed to Ripple’s cross-appeal.
According to MetaLawMan, the deadline was based on federal appellate rules that take into account the initial Notice of Appeal date of October 2, ignoring weekends and holidays. It noted that the Second Circuit’s local rules provide that failure to file a Form C on time could result in the appeal being dismissed.
However, he acknowledged the uncertainty, noting that under federal rules, such a failure could result in the appeal being “dismissed” or “may be dismissed.”
Citing a statement from Eleanor Terrett, MetaLawMan reported that an SEC spokesperson confirmed that the appeal was proceeding as expected and that the necessary documents would be made public soon. “We’ll see soon. I guess,” she added.
*This is not investment advice.