The ongoing SEC vs Ripple lawsuit is approaching a critical juncture as Ripple co-founder Chris Larsen steps in with a key legal move. Larsen filed a Notice of Appearance just days before the crucial Form C deadline, preventing a default in the company’s cross-appeal against the U.S. SEC. This move comes as Ripple aims to end the SEC’s enforcement actions and protect its pivotal court victory regarding XRP’s non-security status. 

Larsen’s Last-Minute Intervention

On October 22, Ripple received a warning from the U.S. Appeals Court for the Second Circuit, cautioning the blockchain firm about an impending procedural default due to the Form C deadline. Chris Larsen, acting promptly, filed the Notice of Appearance, ensuring Ripple complies with the court’s procedures. This last-minute filing underscores Ripple’s determination to push forward with its legal battle and avoid missing any critical deadlines.

Ripple’s Cross-Appeal and Legal Confidence

Ripple’s cross-appeal is designed to end the SEC’s enforcement actions definitively. The company’s legal team, led by Chief Legal Officer Stuart Alderoty, is confident that the SEC’s ongoing efforts will not overturn Judge Analisa Torres’s previous ruling, which found that XRP is not a security. Alderoty emphasized that this ruling is “the law of the land,” even if the SEC wins its appeal, the best possible outcome for them would likely be a remand. He highlighted the difficulty the SEC faces, implying they would have to argue Judge Torres’s decision was made without “ordinary intelligence.”

Form C Filing Deadline Looms

Ripple’s next hurdle is the submission of Form C for its cross-appeal before the upcoming deadline on October 24, 11:59:59 pm EST. This document is essential for Ripple to continue its legal fight. Failing to submit Form C would remove Ripple’s ability to make further oral arguments in the case, but Ripple has shown no signs of missing the deadline. The company’s legal strategy remains focused on concluding the case in its favor and halting the SEC’s enforcement actions once and for all.

The XRP community has been closely watching the lawsuit, as a final resolution could have significant implications for XRP’s price. Many investors believe a favorable ruling could trigger a rally in XRP, pushing it toward its all-time high of $3.84. Despite trading under $1 for an extended period, investor sentiment remains optimistic, with some speculating that XRP could soar to $17 if Ripple secures a definitive legal victory.

So far Ripple has stood strongly in the case as the ultimate aim is the clear the XRP status. With this latest move will it hit the right cord it is yet to be seen. Stay tuned with us to get more info. 

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