Marc Fagel says the SEC may drop its Ripple appeal within 1–2 months as the XRP lawsuit nears a long-awaited conclusion.
The SEC’s prospective dismissal of their appeal is the focus of all attention as the Ripple lawsuit approaches its long-awaited conclusion.
Marc Fagel, a seasoned securities lawyer, has provided his perspective on the anticipated timeline for the SEC’s appeal withdrawal amid the increasing speculation.
Is the XRP lawsuit resolution imminent?
SEC Vs XRP Lawsuit: When Will It Finally End?
In a recent X post, Marc Fagel, a former SEC lawyer, has disclosed the potential timeline for the SEC to dismiss their appeal in the ongoing Ripple litigation.
Fagel anticipates that the dismissal will adhere to a conventional procedure, necessitating a vote by the SEC.
Fagel previously suggested that the SEC’s appeal dismissal could take several weeks or longer, as reported by CoinGape.
Fagel reiterated in his most recent post that the SEC’s voting process on enforcement recommendations typically lasts one to two months.
Nevertheless, he added that an expedited timeline is feasible, as the SEC has previously resolved to dismiss the appeal in the context of a settlement agreement.
Fagel’s post was as follows:
Typically takes 1-2 months for the SEC to vote on an enforcement recommendation. Could be quicker here since they’ve already voted to dismiss the appeal once before (in the context of the settlement agreement), so this is more perfunctory.
In addition, Fagel denied rumors regarding the potential influence of the July 10 SEC meeting on the XRP lawsuit.
A similar allegation surfaced when the SEC scheduled a closed-door meeting on July 3, which sparked speculation about the possibility of withdrawing the appeal.
Fagel denied these allegations, asserting that the closed-door meeting was merely a weekly routine. He reiterated his sentiments, arguing that the XRP lawsuit would not be impacted by the July 10 meeting.
He cited,
The SEC holds the same closed meeting nearly every Thursday. The agenda is confidential, and anyone claiming a specific case is on the agenda is just making it up. (Is it conceivable? Yes, but highly unlikely.)
Appeal May Be Jointly Dismissed By SEC, Ripple
Ripple CEO Brad Garlinghouse declared on June 28 that the platform would withdraw its counter-appeal against the SEC in the XRP lawsuit.
Garlinghouse, as CoinGape reported, stated, “We are concluding this chapter and prioritizing the most critical endeavor: the development of the Internet of Value.”
Nevertheless, Fagel observes that neither the SEC nor Ripple has officially withdrawn their appeals.
Fagel refutes the XRP community’s conjecture by noting that Ripple has not officially filed to dismiss its appeal, despite Brad Garlinghouse’s announcement.
Garlinghouse reflected on his conviction that both parties would abandon their appeals, stating,
Nobody has dismissed anything yet. There is a standard process the SEC needs to follow, and it typically takes a few weeks (or more). Once it’s approved the SEC will promptly file its dismissal papers, likely jointly with Ripple. All in due time.
Although the precise timeline for the Ripple vs SEC case resolution is uncertain, Marc Fagel and other experts are optimistic that it will not exceed two months.