XRP Lawsuit: Ripple Mentions SEC’s Appeal Withdrawal in Q1 Report Despite Agency’s Silence

Ripple’s Q1 report has sparked fresh intrigue in the ongoing XRP lawsuit, with the crypto firm explicitly mentioning the SEC’s appeal withdrawal. This claim has drawn particular attention because the SEC has not yet publicly confirmed withdrawing its appeal in the Ripple case.

With the SEC’s formal stance still unclear, Ripple’s report has only added to the uncertainty surrounding the lawsuit’s outcome and XRP’s future. This article studies Ripple’s Q1 report, focusing on the XRP lawsuit and understanding its potential implications on the ongoing case.

SEC Withdrew XRP Lawsuit Appeal, Says Ripple in Q1 Report

As highlighted by XRP lawyer Bill Morgan, Ripple has explicitly stated for the first time that the US Securities and Exchange Commission (SEC) has withdrawn its appeal in the prolonged lawsuit. The report mentioned,

In Q1, the SEC informed Ripple of its intent to withdraw its appeal – a clear victory for both Ripple and the broader crypto industry…the SEC agreed to reduce the proposed penalty from $125M to $50M – and request the court vacate the injunction, pending SEC Commission approval. This outcome reaffirmed what had been clear from day one: the facts and the law were on Ripple’s side.

Significantly, the report predicts XRP’s potential growth driven by increasing institutional interest and a positive Ripple case outcome.

XRP Lawyer Spots Discrepancy in Ripple’s Q1 Report

Highlighting the US SEC’s silence, Bill Morgan questioned Ripple’s claim that the SEC has withdrawn its appeal in the XRP lawsuit. While Ripple reveals the SEC’s move despite the agency’s official confirmation, Morgan underscored the discrepancy in the Q1 report.

Notably, Morgan points out that, to his knowledge, the SEC commissioners haven’t voted on the matter yet. Despite the Court of Appeals granting a joint motion to pause the appeal, the SEC has yet to officially confirm the withdrawal of its appeal. This suggests a potential inconsistency between Ripple’s statement and the actual status of the SEC’s appeal.