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The XRP case continues as the judicial process between the U.S. SEC and Ripple 
$2 Labs extends due to appeals. The U.S. Second Circuit Court of Appeals alerted Ripple regarding a potential procedural misstep. This notification serves as a warning for the blockchain payment company to not exclude its attorneys from any upcoming oral arguments.
Procedural Developments
According to the Second Circuit Court, Ripple has yet to file the Attorney Approval and Appearance Notice. This document was specified to be submitted by the court on October 18.
Unlike the U.S. SEC, which did not miss the Form C filing deadline, the court has granted Ripple Labs a 14-day extension. If they fail to submit the necessary documents in the XRP case, their attorneys may lose the opportunity to present oral arguments in the appeal.
Future Steps for Ripple Labs
Ripple Labs has not violated any known court procedures and is not expected to do so moving forward. Following the SEC’s Form C filing last week, Ripple’s Chief Legal Officer, Stuart Alderoty, indicated that the company would present its response this week.
The firm has clearly outlined its objectives in the XRP case. Company executives believe that the cross-appeal will assist in ending the SEC’s enforcement tactics. Additionally, it is notable that the regulator has included the review priorities for crypto assets for 2025.
This case is believed to potentially change enforcement approaches to some degree, which emphasizes its significance. Ripple Labs taking the right steps could influence the course of this case and generate long-term effects on cryptocurrency regulations.
Conclusion
The proceedings in the XRP case represent a critical turning point for Ripple Labs. The additional time granted by the court necessitates a reevaluation of the company’s legal strategy. The actions Ripple takes will not only affect the outcome of the case but also influence the regulation of cryptocurrency markets.
