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Highlights
- Marc Fagel believes that the SEC may drop its XRP lawsuit appeal within 2 months.
- As per his statement, the process is likely to follow a standard procedure.
- He posits that neither Ripple nor the SEC has yet dismissed their appeals.
With the Ripple lawsuit nearing its climax, attention turns to whether the SEC will drop its appeal. Legal expert Marc Fagel shares his take on the potential timeline for the SEC’s withdrawal, fueling speculation about a possible XRP lawsuit settlement.
When Will Ripple Vs SEC Case Finally End?
In a recent X post, former SEC lawyer Marc Fagel has revealed the possible timeline for the SEC to dismiss their appeal in the ongoing Ripple lawsuit. According to Fagel, the process is likely to follow a standard procedure, with the SEC required to vote on the dismissal.
Previously, as reported by CoinGape, Fagel posited that the SEC’s appeal dismissal could take several weeks and even more. Reiterating his position, Fagel asserted in his latest post that the SEC’s voting process on enforcement recommendations usually takes one to two months. However, given that the SEC has previously voted to dismiss the appeal in the context of a settlement agreement, an expedited timeline is possible, he added. Fagel’s post read,
Typically takes 1-2 months for the SEC to vote on an enforcement recommendation. Could be quicker here since they’ve already voted to dismiss the appeal once before (in the context of the settlement agreement), so this is more perfunctory.
Further, Fagel dismissed rumors about the potential impact of the July 10 SEC meeting on the Ripple lawsuit. A similar rumor emerged previously when the SEC scheduled a closed-door meeting on July 3, sparking speculation about dropping the appeal. Debunking these rumors, Fagel asserted that the closed-door meeting was just a routine weekly session. Echoing his sentiments, he stated that the July 10 meeting would also have no bearing on the XRP lawsuit. He cited,
The SEC holds the same closed meeting nearly every Thursday. The agenda is confidential, and anyone claiming a specific case is on the agenda is just making it up. (Is it conceivable? Yes, but highly unlikely.)
Ripple And SEC May Jointly Drop the Appeal
On June 28, Ripple CEO Brad Garlinghouse announced that the platform was dropping its counter-appeal against the SEC in the XRP lawsuit. As CoinGape reported, Garlinghouse noted, “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.”
However, Fagel notes that neither the SEC nor Ripple has officially dropped their appeals. Fagel counters the XRP community’s speculation, pointing out that despite Brad Garlinghouse’s announcement, Ripple hasn’t officially filed to dismiss its appeal. Reflecting on his optimism that both parties would drop their appeals, Garlinghouse noted,
Nobody has dismissed anything yet. There is a standard process the SEC needs to follow, and it typically takes a few weeks (or more). Once it’s approved the SEC will promptly file its dismissal papers, likely jointly with Ripple. All in due time.
Though the exact timeline for the Ripple vs SEC case settlement is unclear, experts like Marc Fagel remain confident that it won’t be prolonged for more than two months.
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