XRP Lawsuit: Why Ripple Labs Need To Take a Drastic Move Now

The XRP lawsuit is now elongated, with the appeal and cross-appeal from the US SEC and Ripple Labs, respectively. Earlier today, the US Appeals Court for the Second Circuit notified Ripple about a possible procedural default. This filing served as a warning to the blockchain payments firm not to exclude its attorneys in future Oral Arguments.

The XRP lawsuit is still ongoing, with both the US SEC and Ripple Labs filing appeals and cross-appeals. Earlier today, the US Appeals Court for the Second Circuit notified Ripple of a possible procedural default. This filing serves as a warning to the blockchain payments firm to ensure that its attorneys are present for future Oral Arguments.

The XRP Lawsuit: Defaults and Second Chances

The XRP lawsuit is moving at a rapid pace, and over the last month, there have been two separate instances of parties filing defaults. Initially, the community speculated that the US SEC had defaulted by failing to file Form C, which would have formalized its appeal against Judge Analisa Torres’ judgment in the Ripple lawsuit.

However, the markets regulator eventually submitted the Form C statement last Thursday. Now, the tables have turned, and Ripple is in the spotlight for a possible default. According to the Second Circuit’s notice, Ripple has yet to file its Counsel Acknowledgment and Notice of Appearance. This document, as per the Court, was due on October 18th.

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