Former SEC lawyer Marc Fagel has stepped into the spotlight to provide essential insights into the ongoing legal drama in the Ripple vs SEC case. Recently, the United States Court of Appeals for the Second Circuit filed an “Acknowledgment and Notice of Appearance Default Notice” in the SEC v. Ripple case. This development has generated considerable chatter within the XRP community, with many interpreting the filing as a warning aimed at the SEC regarding its compliance in the case.

Let’s dive into the expert insight on the latest proceedings!

Misinterpretation Addressed

Clarifying the misinterpretations claims, Fagel stated that the notice does not concern the SEC’s actions or compliance. Instead, it is specifically directed at Ripple co-founder Chris Larsen, who is one of the appellees in this case. He explained that Larsen’s legal counsel failed to submit the required notice of appearance by the October 18 deadline, which prompted the court to issue a 14-day extension for them to comply.

He highlighted a crucial aspect that if Larsen’s legal team fails to submit their paperwork by the November 5 deadline, they risk losing the right to present oral arguments, which could significantly affect Larsen’s stance in the case. 

Implications for Larsen’s Legal Team

The notice brings serious implications for Chris Larsen’s legal strategy. Missing the new November 5 deadline could leave his attorneys unable to advocate effectively, weakening Larsen’s influence on the case. It’s a reminder that procedural rules matter in high-stakes litigation, particularly in a case like SEC vs. Ripple, which is under intense scrutiny.

Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed that the company will submit its pre-argument by October 25, 2024. This will challenge Judge Torres’ ruling on XRP’s institutional sales. A timeline for appeal briefs will follow, with the SEC likely receiving up to 90 days for its response, extending the legal process into mid-2025.

Do you think Ripple’s decision is right and makes sense at this juncture? Tell us.

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