In the SEC and Ripple case, there is controversy over the possibility that the SEC may delay submitting a crucial document, which could affect the course of the appeal, meaning that it will take more time before the final ruling in this case that has been dragging on for nearly 4 years.
Some members of the XRP community speculated that the deadline for filing the pre-argument statement (Form C) was due last Wednesday, and that failure to do so could result in the appeal being denied.
However, the SEC's notice of appeal was filed on October 4, despite being filed on October 2.
The actual deadline for filing Form C appears to be October 18, which means the agency still has time to file it.
Attorney Fred Rispoli noted that courts typically give federal agencies a lot of latitude in meeting deadlines, meaning minor delays may be overlooked.
Concern has spread among the Ripple community due to the desire to know more details and information about the appeal itself.
The SEC has not yet provided a precise explanation of what it will appeal.
Attorney Rispoli predicted that the authority may try to challenge XRP’s legal status, although Ripple’s chief counsel, Stuart Alderotti, noted that the July 2023 ruling was in line with U.S. law.
If the Commission decides to challenge the legal status of XRP, this may be added to its appeal brief.
Under the updated timeline, the SEC will have three months to file its opening brief.
Which means the case is not over yet, especially if the SEC decides to formally appeal and start proceedings today, which means the case could take months longer to resolve.
