XRP prices rose as the SEC missed its October 16 deadline, casting doubt on its appeal. Ripple co-founder Chris Larsen made a significant XRP donation to the Kamala Harris campaign.
The U.S. Securities and Exchange Commission (SEC) appears to have missed its deadline to appeal Judge Analisa Torres's decision in the ongoing case against Ripple Labs. According to court filings, the SEC was required to file Form C, its pre-argument statement, within 14 days of its notice of appeal on October 2.
Failure to meet this deadline could potentially lead to the appeal being dismissed. Conflicting reports have emerged regarding the exact deadline, with some sources suggesting the SEC has until Saturday, October 18, since it was docketed in the Second Circuit on October 4.
#XRP #XRPCommunity
— Ashley PROSPER (@AshleyPROSPER1) October 17, 2024
Okay, so there's 3 documents floating around regarding the Ripple v. SEC Appeal form C deadline.👇
Document no.1 refers to the acknowledgement and notice of appearance form. This has a deadline of October 18. Nothing to do with Form C.
Document no.2 is a list… https://t.co/245paGNOAn pic.twitter.com/rG3nXUFgTj
Fox Business journalist Eleanor Terrett shared on X that an SEC spokesperson said that the regulator's appeal documents "will be filed publicly soon," to which Ripple's CEO Brad Garlinghouse replied:
"Proceeding normally for an agency that makes up their own rules as they go!"
The SEC, led by Chair Gary Gensler, has faced persistent allegations of regulatory inconsistency and overreach and is currently the subject of a lawsuit filed by several crypto firms. Critics argue that the agency’s enforcement actions often seem to reflect its own agenda rather than adhering to clear and established regulatory guidelines.
On October 10, Bitnomial Exchange filed a lawsuit against the SEC over its attempt to regulate Bitnomial's planned XRP USD Futures contract. The contract, which is regulated by the Commodity Futures Trading Commission (CFTC) and was certified in August following Judge Torres' ruling that XRP is not a security, is contested by the SEC, which claims it falls under their joint jurisdiction as a security future. The exchange is seeking a court ruling to reaffirm the CFTC's authority and clarify regulatory boundaries for digital asset derivatives.
A new low for a renegade agency many thought couldn't sink further.
— Brad Garlinghouse (@bgarlinghouse) October 11, 2024
The SEC now believes it can operate above the law, ignoring a Court's ruling that XRP isn't a security.
Team Ripple will be watching closely and weighing our own options to hold the SEC accountable. https://t.co/9yMWsNHRde
According to attorney Fred Rispoli, the SEC will likely face no consequences for missing the deadline: "Sorry to say, appellate courts give A LOT of leeway to federal agencies. Even a lame excuse from the government is likely enough to allow the Court to let it slide."
Ripple has until October 24 to file its own Form C to provide more details about its cross-appeal.
XRP prices saw a 2% jump today, trading around $0.55, as the market speculated on the SEC’s potential failure to meet its appeal deadline. The price saw a low of $0.543 and a high of $0.561 in the last 24 hours, with a 20% rise in trading volume.
Ripple's token also saw an increased interest following the news that Chris Larsen, co-founder of Ripple and Executive Chair, donated $1 million in XRP tokens (1,754,815.29 XRP) to the super PAC Future Forward, which is supporting Vice President Kamala Harris’ presidential campaign. According to Federal Election Commission filings, Larsen has donated around $1.9 million to Harris and her campaign so far.
Larsen, who has previously donated to candidates from both the Republican and Democratic parties, indicated that Harris' deep connections to Silicon Valley and her understanding of the innovation economy make her a more favorable candidate for crypto leaders.
Larsen also told CNBC that Harris has a "more pragmatic approach" to regulating digital assets, in contrast to the aggressive enforcement actions taken by the SEC.
The donation stands out in an election cycle in which cryptocurrency executives have poured millions into the campaigns of Republicans, especially Donald Trump. Alderoty donated $300,000 to Trump's 47 Committee last year. According to CNBC, Trump’s campaign alone has received over $4 million in virtual tokens, and he has actively courted the crypto industry, even speaking at a major Bitcoin conference earlier this year.
Mathilde Adam
Mathilde Adam
Mathilde Adam
Mathilde Adam
Mathilde Adam
Mathilde Adam
Mathilde Adam
Mathilde Adam
Mathilde Adam
Observers