- The US Securities and Exchange Commission (SEC) appears to have missed out on the October 16 deadline for the Form C submission after its notice of appeal on October 2.
- However, a section of the XRP community members suspect that October 17 or 18 could be the deadline.
On October 2, CNF confirmed that the US Securities and Exchange Commission (SEC) filed a notice of appeal to the Second Circuit Court of Appeals to challenge the 2023 ruling on the programmatic sales of XRP by Judge Analisa Torres. Meanwhile, the Commission had a 14-day window after this submission to file its Form C to throw more light on the decision. Fascinatingly, confusion seems to have erupted as social media debates whether the Form C deadline is set for October 16 or 17.
How it All Started
On October 4, the SEC’s notice of appeal was announced by attorney James K. Filan, and an attached document indicated October 2 as the filing date and October 3 as the received date. Based on this, an X user identified as XRPLEGION questioned when exactly the deadline for the Form C submission is set. Surprisingly, this received mixed responses from the XRP community.
I see filed on 10/2 and recieved on 10/3. So when is the form C due? @DeatonforSenate @attorneyjeremy1 #XRPArmy https://t.co/rLukrfH5dg— XRPLEGION (@1secXrp) October 17, 2024
Ripple Chief Legal Officer (CLO) Stuart Alderoty estimated in an interview with FOX Business journalist Eleanor Terrett that October 16 was supposed to be the deadline. However, attorney Jeremy Hogan explained that the deadline could be 24 hours away since the day of the filing is not counted.
You don’t count the day of filing and then it must be filed within 14 days. Doesn’t that make it due…tomorrow? (I’m bad at math).
As of October 16, the Commission had not yet filed the necessary document in the public docket. Amid the excitement within the XRP community, another suggestion coming up is that the deadline could be October 18 instead of October 16. This was stated by Terrett, who pointed out that the court docketed and acknowledged the motion on October 4.
Has SEC “Messed Up?”
According to a CCN report on this, an ex-SEC official has admitted that the Commission missed out on the deadline since October 4, which is merely a day of acknowledgment and may “override the 14-day-from-notice” instead of Form C. On top of that, a person working on the case has also clarified that October 16 was the deadline:
The official NOA date is Oct. 2. So the deadline was Oct. 16. The only hope the SEC has is for the court to consider Columbus Day a national public holiday. I don’t think that’s the case.
According to our research, failure of the SEC to meet the Form C deadline could have grievous implications as its appeal could be dismissed. Meanwhile, attorney Fred Rispoli has cautioned the XRP community to restrain their excitement. His reason is that the appellate courts are usually lenient on the federal institutions.
Even a lame excuse from the government is likely enough to allow the Court to let it slide.
Regardless, the XRP investors have started their buying spree as they “drag” the price up by 3% in the last 24 hours to trade at $0.55. Our data also shows that the 24-hour trading volume of the asset has increased by 10%, with $1.33 billion changing hands at press time.
