The Ripple vs SEC case continues to stir up the crypto community, especially on X (formerly Twitter), where new rumours are flying that the long-running lawsuit could finally end today. But according to a former SEC lawyer, those hopes might be a little too optimistic.
According to latest rumors, both Ripple and the US Securities and Exchange Commission (SEC) were about to dismiss their appeals and bring the case to a close today. However, Marc Fagel stepped in to clear the air.
In a post on X, Fagel said it’s “highly unlikely” that the Ripple case will be resolved today. He explained that at this point, neither party has officially withdrawn their appeal. Also, the SEC usually takes several weeks or even months to vote on enforcement matters like this.
“Anything is possible, but it would be very unusual,” Fagel added, saying that anyone claiming the case is ending today probably doesn’t understand how the SEC works internally.
Once both Ripple and the SEC officially drop their appeals, Judge Analisa Torres’s previous ruling against Ripple would immediately take effect, no further court decisions needed. While Ripple CEO Brad Garlinghouse has spoken about dismissing their appeal, no formal paperwork has been filed yet.
Adding to the speculation, the SEC held a closed-door meeting on July 3rd, sparking hopes of a fast settlement announcement. But Fagel poured cold water on that too, saying it was just a regular meeting and it typically takes several weeks for enforcement matters to be added to the SEC’s voting agenda.
He also reminded the community that the SEC is known for moving slowly when it comes to processes like these, even if the outcome feels obvious.
Both sides are still expected to drop their appeals, but it’s likely to take more time. While the crypto world moves at lightning speed, government agencies, as Fagel put it, tend to move like snails.
For now, XRP holders are advised to stay patient. The final dismissal might not happen as quickly as the rumour mill suggests, but the end of this years-long case is slowly approaching.
The Ripple vs. SEC case is nearing its end. Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have agreed to a settlement and withdrawn their appeals. While Judge Analisa Torres rejected an initial settlement draft as “procedurally improper,” a final, technically complete filing is expected soon to officially close the four-year courtroom drama.
The current outcome of the lawsuit, based on Judge Torres’s August 2024 ruling (which will take effect upon appeal dismissal), is that XRP itself is not a security. However, Ripple’s institutional sales of XRP were deemed unregistered securities offerings. Ripple is expected to pay a $125 million civil penalty, and an injunction against future unregistered institutional sales remains.
If XRP were fully classified as a security, it would face stricter regulatory oversight, potentially limiting its use as a bridge currency for cross-border payments. The current ruling, however, differentiates: XRP itself is not a security, but how Ripple sold it to institutions constituted an unregistered securities offering. This split decision provides some clarity for XRP’s use in secondary markets.
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