The post XRP Lawsuit News: Can The SEC Vote To Continue Appeals Process In Ripple Case? appeared first on Coinpedia Fintech News
There’s a lot of confusion floating around the internet about the ongoing Ripple vs SEC case, with some posts claiming the SEC has already dropped its appeal against Ripple. However, the facts tell a different story.
To set the record straight: a judgment has already been made, and Ripple has decided to drop its cross-appeal. But as for the SEC’s appeal, it hasn’t officially been dismissed yet. Former SEC lawyer Marc Fagel clarified that both parties still need to file formal paperwork to dismiss their appeals. While it seems certain this will happen, the SEC is still going through its internal approval process.
SEC Appeal Still Pending
When a social media user asked whether there’s a chance the SEC might vote to continue its appeal, Fagel explained that the SEC had already agreed to dismiss it as part of a prior settlement plan, though that plan was contingent on the court vacating an injunction, which didn’t happen. Now, there’s no reason for the SEC not to move ahead with dropping the appeal outright.
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Ripple Cross-Appeal Dropped
Once the SEC completes its internal vote, both the SEC and Ripple will jointly file papers to officially end the appeals. At that point, the district court’s judgment will take full effect, and this long-running legal chapter will finally close.
This clarification follows Ripple CEO Brad Garlinghouse’s recent statement, where he announced, “Ripple is dropping our cross-appeal, and the SEC is expected to drop theirs, as they’ve previously said. We’re closing this chapter once and for all and focusing on what’s most important — building the Internet of Value.”
Until the formal paperwork is filed, the appeals process technically remains open, though all signs point to its official end in the coming weeks.
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FAQs
The SEC sued Ripple in December 2020, alleging that XRP was an unregistered security. A judge ruled in July 2023 that XRP itself is not a security when sold on exchanges, but institutional sales did violate securities laws. Ripple recently decided to drop its cross-appeal, and the SEC is expected to follow suit, aiming to close the long-running legal battle.
The outlook for XRP’s value after the lawsuit’s expected resolution is cautiously optimistic. Many anticipate a significant price surge once the legal cloud is fully lifted, potentially due to increased institutional investment, new partnerships, and even the possibility of a spot XRP ETF, with some analysts predicting targets up to $5.81 or higher.
