There has been a lot of confusion on the internet about the ongoing Ripple vs. SEC case, with some posts claiming that the SEC has already removed its appeal to Ripple. But the facts tell a different story.
To set the record straight: The judgment has already been made, and Ripple decides to drop that crossing. However, regarding the SEC’s appeal, it has not yet been formally dismissed. Former SEC attorney Marc Fagel has made it clear that both parties still need to file formal documents to dismiss the appeal. I’m sure this will happen, but the SEC is still going through an internal approval process.
When social media users asked if the SEC could continue their appeal, Fagel explained that the SEC had already agreed to dismiss it as part of the previous settlement plan, which was conditional on the court to vacate the injunction, which did not happen. Now there is no reason why the SEC won’t move forward by dropping the appeal completely.
They have already voted to dismiss it (as part of the district court’s terms of exempt from injunctions that the court refuses to make). There is no reason why they don’t vote to completely dismiss it at this point, and they do.
-Marc Fagel (@marc_fagel) July 1, 2025
Once the SEC completes the internal vote, both the SEC and Ripple will jointly submit the paper and officially end the appeal. At that point, the district court’s decision will be fully effective and this long-term legal chapter will eventually end.
The explanation follows a recent statement from Ripple CEO Brad Garlinghouse. “Ripple is dropping our cross appeal and, as I said before, the SEC is expected to drop theirs. We’ve closed this chapter once and focused on what’s most important – building an internet of values.”
The appeal process remains technically open until formal documents are filed, but all signs point to the official end in the coming weeks.
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