On August 8, the XRP community was on cloud nine after a big update appeared in the long-running Ripple vs SEC case. It was announced that both sides, Ripple Labs and the U.S. Securities and Exchange Commission, had filed a Joint Dismissal of Appeals, effectively meaning the case was over.
This news marked the end of more than five years of legal battles, with many expecting strong reactions from Ripple’s leadership. However, some found it unusual that Ripple CEO Brad Garlinghouse remained silent for over 24 hours after the news broke.
While some celebrated the announcement, others in the XRP community questioned whether the case had truly ended. A few social media users even called it “fake news”, pointing to the SEC website and claiming nothing had been officially confirmed.
Others said this could be a “diversion”, saying that both parties had not yet issued formal public statements. This uncertainty fueled confusion and even FUD (fear, uncertainty, and doubt) among investors.
However, Ripple CLO Stuart Alderoty commented and said, “Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals. The end…and now back to business.”
Former SEC attorney Marc Fagel stepped in to clarify the situation. “The joint stipulation of dismissal is public, so not sure what you think needs to be announced,” he said.
Fagel explained that Judge Analisa Torres, who oversaw the case, does not need to sign off on anything at this stage. Once the Court of Appeals completes the administrative process of dismissing the appeals, her original ruling against the SEC will automatically take effect.
“No judges need to weigh in on anything at this point,” Fagel stated, stressing that the case is effectively over.
With the appeals dismissed, Ripple is free from the “Bad Actor” label, possibly opening doors for fundraising and further business expansion. Still, until an official statement comes directly from Ripple or the SEC, parts of the community may remain skeptical.
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