Lawyer Marc Fagel says the dismissal of the SEC’s XRP lawsuit appeal may take weeks. With the July 3 SEC meeting ahead, will Ripple settle soon?
The SEC’s appeal dismissal is still pending, and the XRP community anxiously awaits a final settlement in the protracted Ripple dispute.
Former SEC lawyer Marc Fagel sheds light on the current state of affairs by arguing that the appeal dismissal process could take weeks to complete and that the future is still unclear.
When Will SEC Drop Appeal Of XRP Lawsuit?
The XRP community is anxiously anticipating the settlement after Ripple decided to drop its appeal; the next important step is for the SEC to dismiss the case.
The SEC’s move and subsequent proceedings might take weeks or longer, according to former SEC attorney Marc Fagel.
Fagel responded to a query from a community member by detailing the next steps in the Ripple v. SEC case in an X post.
He said the next steps are for the SEC to vote to reject its appeal and then for both parties to file papers to reject their appeals officially.
The district court’s order will take effect following the completion of these procedures. His tweet said,
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.
Judge Torres rejected the joint motion, significantly complicating the case and shattering the Ripple community’s hopes for a speedy settlement of the XRP lawsuit.
Former SEC lawyer Marc Fagel had earlier warned that the matter would only really finish when the SEC dropped its appeal, even though many people believed it would end with Ripple’s appeal being dismissed.
Although Fagel predicted that the procedures might take weeks, he also mentioned the potential for accelerated schedules, with exact completion dates yet unknown.
Is July 3rd Key Date In SEC Vs XRP Case?
Significantly, rumors that the XRP lawsuit may be concluding have been raised by a confidential SEC hearing that is set for July 3.
Some people think the SEC might abandon its lawsuit against Ripple, bringing a long-awaited end to the legal drama, as the meeting’s agenda includes a consideration of possible case closures.
Fagel denied these allegations, claiming that the meeting is probably merely a weekly ritual and has no bearing on the SEC vs. XRP lawsuit. “I said,” he said.
In other words, the meeting they hold every Thursday is being held Thursday. Tells us nothing about Ripple timing. Sorry.
Morgan is adamant that the Ripple litigation will go on for several more weeks and won’t be resolved by the SEC meeting on July 3.
This supports attorney Marc Fagel’s prediction that the procedure will probably take a long time, which further reduces hopes for a speedy conclusion.
