$XRP co founder misses Key deadline in the Sec lawsuit .$XRP dips to $0.5389, early on Thursday, down nearly 3% on the yesterday.Ripple co-founder Chris Larsen missed the October 18 deadline to submit a required notice of appearance. XRP could extend losses by nearly 7%, down to psychologically important $0.50 level.
Co-founder Chris Larsen recently made headlines for his XRP token donation to US presidential candidate Kamala Harris. Daily Digest Market Movers: Ripple co-founder misses key legal deadlineRipple co-founder, Chris Larsen, missed the deadline to submit a notice of appearance, required for legal purposes. Marc Fagel, an attorney specialized in SEC enforcement and securities litigation, explains in a recent tweet on X that if Larsenâs legal team fails to file the necessary paperwork by the November 5 deadline, they risk losing the right to present oral arguments.
This would end up weakening Larsenâs position in the case.Larsenâs actions, however, do not influence Rippleâs position in the lawsuit, and Rippleâs Chief Legal Officer, Stuart Alderoty, assuaged XRP holderâs concern by confirming that the firm will submit its pre-argument by October 25, 2024. Rippleâs submission will contest the SECâs legal argument Judge Analisa Torresâ final ruling on XRPâs institutional sales.
A timeline for appeal briefs will follow. The US financial regulator will likely be given up to 90 days for its response, which may extend the legal battle into mid-2025.
