The long-running legal battle between the SEC and Ripple has reached its final stages. Last week, the SEC agreed to drop its appeal without conditions, and Ripple has now decided to drop its cross-appeal. Under the terms of the agreement, the SEC will retain $50 million of the $125 million fine, which is already held in an interest-bearing escrow account, while the remaining balance will be returned to Ripple.
Additionally, the SEC will request that the court lift the standard injunction that had been imposed earlier at the SEC’s request. However, the deal is still subject to a Commission vote, the drafting of final documents, and the usual court procedures.
SEC Attorneys’ Efforts ‘Wiped Out in an Instant’?
Attorney Fred Rispoli quickly reacted to Alderoty’s post, expressing both frustration and sympathy for the SEC attorneys who worked tirelessly on the case. He pointed out that, after investing thousands of hours, making personal sacrifices, and being away from their families, the case has now been resolved swiftly, which he describes as their hard work being “wiped out in an instant.”
However some X users commented that the real victims are the Ripple team and XRP holders, who suffered through years of stress and financial losses due to the lawsuit.
Updated Timeline Is Here!
Fred Rispoli has now provided an updated timeline for the SEC vs. Ripple case. He shared that the necessary paperwork has already been prepared following Alderoty’s announcement, and now they’re waiting for a vote by the SEC Commission, which should happen within 30 days.
After that, the SEC will file to lift the injunction, and Ripple will not oppose it. Once the judge signs off, the case will be fully resolved, likely within 60 days. Rispoli is emphasizing that the case will soon be officially and legally over, in a “spectacular” way.
“At most we are 60 days out from this being 100%, formally, legally, and spectacularly over,” he shared.
This resolution would be crucial for Ripple and XRP holders, who have faced uncertainty and volatility due to the ongoing lawsuit. The final decision could bring clarity to the legal status of XRP and set a precedent for how regulators will approach other cryptocurrencies moving forward.
