Known as a legal expert and former SEC director in San Francisco,Marc Fagel recently made headlines with an important comment regarding the commission's case against Ripple, a cross-payment provider using theXRP cryptocurrency.
As many know, the legal battle between the regulator and the crypto company went to the appeal stage, with the deadline for filing passed last week. That is when the drama emerged, as the SEC reportedly filed an appeal with a delay; in other words, the SEC missed the deadline.
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Passions seem to have subsided as, today, the Second Circuit Court of Appeals issued an acknowledgment notice of default with respect to the SEC v. Ripple case. Specifically, the suddenly surfaced document revealed that the court has not received the Acknowledgment and Notice of Appearance from the appellee's counsel.
If they fail to file it within 14 days, they may not be allowed to present oral arguments during the appeal unless the court grants permission.
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Many in the XRP community took this as a rebuke to the SEC, with social networks quickly filling with "game over" exclamations. However, in a surprising twist, the document appears to have nothing to do with the regulator, but rather withRipple.
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According to Fagel, this has nothing to do withthe SEC and is directed at "defendant/appellee" Larsen, whose attorney did not appeal in the matter in a timely manner.
This time Ripple failed to file a form on time. Not a big deal but also not the kind of thing you are thrilled to see when you are paying a collective $8,000 per hour from your legal team.
â Fred Rispoli (@freddyriz) October 22, 2024
This was then confirmed by Fred Rispoli, another legal expert known for his presence in the crypto space, who said that this time Ripple failed to file a form on time.
