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Fox Business crypto journalist Eleanor Terrett has revealed that the U.S. Securities and Exchange Commission (SEC) has yet to file Form C with the Second Circuit Court of Appeals, a crucial step in specifying which aspects of the Ripple case it plans to appeal.
This form is needed for Ripple to respond and time is of the essence.
“The SEC has not yet filed Form C with the Second Circuit, which would detail exactly what they are objecting to. They need to do that soon so Ripple can respond,” Terrett reported.
Ripple has 14 days from today to file a cross-appeal. The SEC’s notice of appeal lists August 7 as the date the case reaches a “final decision,” but the regulator has not yet indicated whether it will appeal the ruling on programmatic sales from July 2023, the amount Ripple was ordered to pay for institutional sales on August 7, or both.
Ripple Chief Legal Officer Stuart Alderoty said the company is considering its own cross-appeal, potentially challenging Judge Torres’ ruling on the institutional sales or the $125 million penalty. If Ripple moves forward, both the SEC’s appeal and Ripple’s cross-appeal will be heard as a single case by the Second Circuit Court of Appeals.
*This is not investment advice.