ProXRP Lawyer Dismisses Ripples Failure to Meet SEC Deadline as Insignificant

The U.S. Securities and Exchange Commission (SEC) has submitted Form C to appeal a court ruling that discussed the nature of Ripple’s XRP sales. The appeal focuses on three main issues: the sale of XRP through exchanges, the distribution of XRP to employees, and the transactions carried out by executives Brad Garlinghouse and Chris Larsen.

In a recent development, Ripple Labs has encountered a procedural setback due to a missed filing deadline. The U.S. Court of Appeals for the Second Circuit issued a default notice to Ripple’s legal team for failing to submit an Acknowledgement and Notice of Appearance form by the October 18, 2024 deadline.

Fortunately, the court has granted a 14-day extension, giving the team until November 1, 2024 to complete and submit the necessary paperwork. However, if this new deadline is not met, Ripple’s lawyers may not be able to present their arguments in the upcoming appeal hearing, unless they receive special permission from the court.

Fred Rispoli, a pro-XRP attorney, commented on the situation, stating that while missing a filing deadline is not ideal, it is not catastrophic. Nevertheless, it is concerning to see such oversights, especially considering the high legal fees amounting to approximately $8,000 per hour for Ripple’s legal team.

He stated, “This time Ripple failed to file a form on time. It’s not a big deal, but it’s not the kind of thing you are thrilled to see when you are paying a collective $8,000 per hour for your legal team.”

In other news, co-founder Chris Larsen has donated over $11.8 million to support Kamala Harris’s presidential campaign, with a significant contribution of $10 million in XRP made in September. In a recent post, Larsen emphasized the need for Democrats to embrace a fresh approach to technological innovation, particularly in the cryptocurrency realm, expressing confidence that Harris will help maintain America’s global technological leadership.