Ripple Labs faces a procedural setback in its legal battle with the SEC after failing to meet a crucial filing deadline.
Earlier today, the US Court of Appeals for the Second Circuit issued a default notice to Ripple’s legal team, citing the missed deadline to submit an Acknowledgment and Notice of Appearance form, which was due on October 18, 2024.
The court has granted Ripple a 14-day extension, giving the team until November 1, 2024, to submit the required paperwork.
If Ripple’s lawyers fail to meet this new deadline, they risk being barred from presenting their arguments in the upcoming appeal hearing without special court permission.
This filing delay poses a significant risk to Ripple’s defense strategy in its appeal against the SEC.
Legal experts, like attorney Fred Rispoli, have commented on the matter, acknowledging that while the missed filing may seem minor, it is still an avoidable mistake, especially given the high legal fees Ripple is paying.
“This time Ripple failed to file a form on time. Not a big deal, but also not the kind of thing you want to see when paying $8,000 per hour for legal services,” Rispoli remarked.
The stakes remain high for Ripple as it navigates this high-profile legal battle. Any further procedural missteps could weaken their defense, particularly during this critical phase of the appeal.
Read the full article here
