Ripple vs. SEC: The Appeal Isn’t Over Yet (Officially)
If you’ve been following the Ripple-SEC case online lately, you’ve probably seen conflicting claims. Some say the SEC has already backed down and dropped its appeal. Others insist the legal battle is still raging. So, what’s actually happening? Well, it’s a bit of both—sort of.
A judgment was issued, and Ripple has decided not to pursue its cross-appeal. That part’s settled. But the SEC’s appeal? It’s still technically alive, at least on paper. Former SEC lawyer Marc Fagel recently stepped in to clear things up: both sides still need to file formal dismissal paperwork. It’s pretty much a done deal, but the SEC has to dot its i’s first.
Why the Delay?
The SEC already agreed—in theory—to drop the appeal as part of an earlier settlement plan. But there was a catch: that plan depended on the court lifting an injunction, which didn’t happen. Now, with that option off the table, the SEC has no real reason to keep fighting. Fagel put it bluntly: they’ll vote to dismiss it outright. It’s just a matter of bureaucracy at this point.
Once the SEC’s internal process wraps up, both parties will file joint paperwork to officially kill the appeals. That’s when the district court’s original judgment kicks in fully, and this whole mess can finally be put to rest.
What Ripple’s Saying
Ripple’s CEO, Brad Garlinghouse, seems ready to move on. In a recent statement, he confirmed Ripple is dropping its cross-appeal and expects the SEC to do the same. “We’re closing this chapter once and for all,” he said, shifting focus to what he calls the “Internet of Value” (whatever that means).
But until those dismissal papers hit the court docket, the appeals process isn’t *officially* dead. It’s more like a formality waiting to happen. Most observers expect it’ll be wrapped up in a few weeks, maybe sooner.
So, for now, don’t believe everything you read online. The SEC hasn’t walked away yet—but it’s definitely heading for the door.
