XRP Lawsuit Update: SEC Appeal Dismissal Could Take Weeks or More, Says Lawyer

Despite Ripple’s dismissal of its appeal in the XRP lawsuit, the SEC’s withdrawal is still pending, casting uncertainty over the timeline for the case’s final settlement. Meanwhile, former SEC attorney Marc Fagel posits that the road ahead remains uncertain and the appeal dismissal process could drag on for weeks.

When Will SEC Drop the XRP Lawsuit Appeal?

Following Ripple’s decision to withdraw its appeal, the XRP community is eagerly awaiting the settlement, with the SEC’s appeal dismissal being the next crucial step. According to former SEC lawyer Marc Fagel, it may take several weeks and even more for the SEC’s move and further proceedings.

In an X post, Fagel addressed a community member’s question, outlining the forthcoming steps in the Ripple vs SEC lawsuit. As per his statement, the next steps involve the SEC voting to dismiss its appeal, followed by both parties submitting papers to formally dismiss their respective appeals. After these steps are completed, the district court’s order will go into effect. His tweet read,

SEC likely still needs to vote to dismiss appeal. Then the parties need to submit papers dismissing their respective appeals, after which the district court’s order goes into effect. Could take several weeks or more; but could possibly be expedited. No set timeframe.

The Ripple community’s hopes for a swift XRP lawsuit settlement were dashed when Judge Torres denied the joint motion, throwing the lawsuit into further uncertainty. Despite many assuming the case would conclude with Ripple’s appeal dismissal, former SEC attorney Marc Fagel had previously cautioned that the case would only truly end with the SEC dropping its appeal.

While Fagel estimated that the processes may take weeks, he also noted the possibility of expedited timelines, with completion dates remaining uncertain.

Is July 3 a Crucial Date for XRP Vs SEC Case?

Significantly, a private SEC meeting scheduled for July 3 has sparked speculation that the XRP lawsuit might be nearing its end. With the meeting’s agenda including the review of potential case closures, some believe the SEC could potentially drop its case against Ripple, bringing a long-awaited resolution to the legal drama.

However, Fagel dismissed these rumors, asserting that the meeting is likely just a routine weekly session and doesn’t indicate any significance in the XRP vs SEC case. He stated,

In other words, the meeting they hold every Thursday is being held Thursday. Tells us nothing about Ripple timing. Sorry.

Thus, Morgan remains steadfast in his view that the Ripple lawsuit will extend to several more weeks and won’t conclude by the July 3 SEC meeting. This aligns with lawyer Marc Fagel’s assessment that the process will likely take considerable time, further tempering expectations of a swift resolution.