Marc Fagel predicts Ripple and SEC may drop appeals before Aug. 15, setting stage for XRP lawsuit settlement, despite no guaranteed timeline.
Marc Fagel, a former SEC counsel, remains optimistic about a positive outcome in the XRP lawsuit as the August 15 status report deadline approaches. Fagel believes Ripple and the SEC will likely withdraw their appeals before the deadline.
The August 15 deadline for the XRP lawsuit: Is There a Potential Development in the Offing?
As the August 15 status report deadline approaches, the XRP community is abuzz with anticipation regarding a potential development in the XRP lawsuit. Marc Fagel has stated that both parties may file to dismiss their appeals before August 15, even though there is no official confirmation regarding Ripple and the SEC’s next move. The text of his X post was as follows:
I believe that’s the date for the parties to report on the status of their appeals. It doesn’t mean it’s a hard deadline by which they must file their dismissal papers, but I assume they will try to do so before then.
Marc Fagel previously clarified the significance of the date when there was high anticipation for a potential settlement on August 15. He explained that the deadline for both parties’ status report submission is August 15, which is unrelated to the case’s outcome. In a recent post, Fagel emphasized that the fact that both parties may submit appeals for dismissal before August 15 does not necessarily indicate that a settlement will be reached by that date.
Procedural Steps Are In Progress
The XRP community has been anticipating Ripple and the SEC’s subsequent actions in the litigation since Judge Analisa Torres denied the joint motion for an indicative ruling. The announcement by CEO Brad Garlinghouse that Ripple’s appeal had been dismissed sparked optimism regarding a potential resolution. Nevertheless, Marc Fagel downplayed these expectations, pointing out that neither party has officially submitted dismissal documents. According to him, the appeals would be dismissed within two months.
In the Ripple vs SEC case, Marc Fagel ruled out other potential reasons for delays, attributing the current status to standard procedural steps. He observed that Ripple has already paid its $125 million penalty in cash and that neither the SEC nor the judge is causing delays. Fagel asserts that the process is proceeding as anticipated, with the parties adhering to the standard protocols. He declared,
Nobody is holding up the case. Not the judge (there is nothing for her to decide), not the SEC (which has a standard procedure to follow, and will dismiss the appeal once the vote is taken, a process that typically takes 1-2 months).
Although the precise timeline for the case settlement is uncertain, Fagel’s observations indicate that the case is proceeding as anticipated, with the standard procedural steps being adhered to. A settlement becomes more probable as both parties abandon their appeals.
