Ripple vs. SEC: The Appeal Isn’t Over Yet (But It’s Close)
If you’ve been following the Ripple-SEC case online, you’ve probably seen conflicting claims about whether the SEC has dropped its appeal. Some posts make it sound like a done deal. Others suggest there’s still a fight ahead. So, what’s actually happening?
The short answer: No, the SEC hasn’t officially dismissed its appeal—at least not yet. But it’s almost certainly coming.
Where Things Stand Right Now
A judgment was already handed down in the case, and Ripple has decided not to move forward with its cross-appeal. That part’s settled. But the SEC’s appeal? It’s still pending, at least on paper.
Former SEC lawyer Marc Fagel recently stepped in to clear things up. According to him, both sides still need to file formal paperwork to dismiss their appeals. The SEC has to finish its internal approval process first. That might sound like a minor detail, but in legal terms, it matters.
When someone on social media asked if there was any chance the SEC might change its mind and push forward with the appeal, Fagel was pretty clear. The SEC had already agreed to drop it as part of an earlier settlement plan—but that plan hinged on the court vacating an injunction, which didn’t happen. Now, there’s no real reason for the SEC to keep fighting.
“They already voted to dismiss it,” Fagel said in a tweet. “There’s no reason for them not to vote to just dismiss it outright at this point.”
What Happens Next?
Once the SEC wraps up its internal vote (which seems like a formality at this stage), both the SEC and Ripple will file joint paperwork to officially end the appeals. That’s when the district court’s original judgment will fully take effect, and this whole saga can finally be put to rest.
Ripple’s CEO, Brad Garlinghouse, has already signaled that this is the expected outcome. “We’re dropping our cross-appeal,” he said recently, “and the SEC is expected to drop theirs.” He framed it as a chance to move on and focus on Ripple’s broader goals—building what he calls the “Internet of Value.”
Still, until those documents are filed, the appeals process isn’t technically closed. It’s more of a waiting game now. Most observers seem to think it’ll be resolved in the next few weeks, but in legal battles, even the obvious steps can take time.
So, no, the SEC hasn’t officially backed down yet. But unless something unexpected happens, it’s just a matter of crossing the t’s and dotting the i’s. After years of back-and-forth, that might be the best outcome either side could hope for.
