Ripple CTO David Schwartz Made Important Statements About SEC Case

Ripple CTO David Schwartz Made Important Statements About SEC Case

Ripple’s CTO David Schwartz made important statements about the latest developments in the legal battle between the SEC and Ripple.

During the appeal process related to the SEC’s lawsuit against Ripple, speculation emerged that the financial regulator missed the deadline for appeal. While this situation created a great debate within the XRP community, everyone started to wonder about the consequences of this development.

Schwartz acknowledged that the SEC may have missed the deadline for appeal, stating that the regulator is an expert in such procedures and did not miss the deadline on purpose.

However, Schwartz described this situation as a ‘really strange move’ and stated that he did not think that the SEC could have made such a mistake intentionally.

More information on this issue was provided by Fox Business reporter Eleanor Terrett. According to Terrett, the deadline for the SEC’s appeal may have been set for 18 October. However, this date came to light when an announcement made in the Second Circuit Court of Appeals was noticed.

The SEC’s notice of appeal was actually filed on 2 October, but was not recorded until 4 October. This means that the appeal form must be completed and returned within two weeks of that date.

Marc Fagel, former SEC director and a legal expert from San Francisco, noted that the regulator may indeed have made a mistake.

Fagel suggested that a notice was issued that would override the court’s 14-day deadline, and that this did not relate to Form C, but rather referred to a confirmation.

Stating that Form C is not flexible, Fagel said, ‘Maybe the SEC made a mistake and wow, I would love to witness the internal debate if they did. But no one seems to know?’

These developments may add a new dimension to the legal struggle between Ripple and the SEC and may have significant effects on the cryptocurrency markets.

How the SEC will act in this process and the consequences of possible mistakes may set important examples for financial regulations and the cryptocurrency world.

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