Why did Ripple CEO not announce his dismissal of the XRP lawsuit? Former SEC lawyer responds to “fake news” claims

On August 8, the XRP community came to Cloud Nine after a major update to the long-term Ripple vs SEC case. It has been announced that both Ripple Labs and the Securities and Exchange Commission have filed joint dismissals on appeal.

The news marked the end of more than five years of legal battles, with many expecting a strong response from Ripple’s leadership. However, some people have noticed that Ripple CEO Brad Garlinghouse has been rare for more than 24 hours after the news broke.

Confusion and doubt among XRP holders

While some celebrated the announcement, others in the XRP community questioned whether the incident was really over. A small number of social media users call it “fake news” and point to the SEC website, claiming that nothing has been officially confirmed.

Others said this could be a “repurpose” and said the parties have not yet issued a formal official statement. This uncertainty has fueled confusion and FUD (fear, uncertainty, doubt) among investors.

However, Ripple Clo Stuart Aldeoty commented, “Following today’s committee vote, the SEC and Ripple formally filed directly in the Second Circuit to dismiss their appeal.

Former SEC lawyer cleans the air

Former SEC attorney Marc Fagel stepped in to clarify the situation. “The joint provisions for termination are publicly available so I don’t know what you think you need to make an announcement,” he said.

Fagel explained that there is no need to approve anything at this stage, and that Judge Annalisa Torres does not need to sign off at this stage. Once the Court of Appeals completes the administrative process of disagreeing the appeal, her original judgment against the SEC will automatically take effect.

“At this point, the judge doesn’t need to put anything too heavy,” Fagel said, emphasizing that the case was effectively over.

What’s next for Ripple and XRP?

With the appeal being rejected, Ripple has been released from the “bad actor” label, perhaps opening the door for fundraising and further business expansion. Still, it is possible that some in the community will remain skeptical until official statements come directly from Ripple or the SEC.