Ripple vs. SEC case saw renewed speculations after the SEC’s closed-door meeting yesterday. Posts on X suggested that the agency may soon drop its appeal. One widely shared post claimed that it could be withdrawn as early as today.
There was also confusion that the case still rests with the court, and only Judge Torres can finalize a settlement. However, former SEC attorney Marc Fagel jumped in to clarify that Judge Torres has no further role in the case.
Judge Torres Has No Further Role In The Case.
The legal expert shared that currently, there is nothing pending before Judge Torres. She has already ruled on the matter, finding Ripple in violation of the securities law. She had also issued a $125 million penalty and enjoined the company on future violations.
With her ruling complete, it is now up to the SEC and Ripple to proceed or dismiss their appeals. “The parties can drop their appeals, at which time her order against Ripple takes effect. Judge Torres has no further role in this,” he said.
Ripple CEO Brad Garlinghouse had recently announced the company’s intent to drop the appeal. However, Fagel noted that no official filing has been made yet. But he expects that both parties will file to dismiss their appeals.
No Set Timeline Yet
There were expectations that the recent closed-door SEC meeting on July 3rd could bring some updates to the case. However, Fagel explains that it was very unlikely as the meeting was a part of the SEC’s regular weekly schedule, and the agenda was likely set before the recent court ruling.
According to Fagel, although the appeals process could take weeks or much longer, a faster resolution could also happen. Since the SEC has already voted once to dismiss, the process may be expedited, even though such approvals usually take time. There is a “no set timeframe” he said.
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FAQs
No, despite Ripple dropping its cross-appeal and CEO Brad Garlinghouse’s statements, the case is not officially over. Former SEC attorney Marc Fagel clarifies that the SEC still needs to vote internally to dismiss its appeal, and both parties must then file formal paperwork. This process could take several weeks, or even longer.
Yes, some analysts project XRP could reach around $22 by 2026 if its market capitalization grows to approximately $1.2 trillion. This prediction is often based on scenarios where XRP gains significant market dominance (e.g., 40% in a $3.24 trillion crypto market) or experiences a tenfold increase from its current market cap due to widespread utility.
