The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) has captured significant attention over the past several years. Despite recent positive developments for XRP enthusiasts, the case remains unresolved, leaving many in the community anxious. In light of this, a former SEC attorney has shed light on why the lawsuit continues to linger without a resolution.
Unraveling the Ripple Vs. SEC Lawsuit
A recent discussion on social media exploded when an XRP advocate, known as ToniTheRippler, speculated about Ripple’s potential banking license approval. Commenters quickly linked this anticipated approval to the ongoing litigation with the SEC, expressing concerns over how the lawsuit could potentially delay the significant milestone.
One participant pointed out that with the SEC’s current pro-crypto stance, things should progress more swiftly. However, another voice in the thread cautioned that if this were true, an immediate resolution to the Ripple case would have likely already occurred. The conversation took a deeper turn when someone attributed the ongoing delay not to the SEC, but to the presiding judge, Judge Analisa Torres, indicating she has mandated that both parties adhere to procedural standards during the case dismissal process.
In response to these swirling opinions, ex-SEC attorney Marc Fagel entered the chat to clarify the situation. He stated that the reason for the extended timeline is not due to either party’s reluctance to move forward; rather, it’s about following established legal protocols. Fagel highlighted that both Ripple and the SEC have expressed a desire to terminate the lawsuit but must navigate a process that can span from one to two months before a formal resolution is reached.
Fagel elaborated further, indicating that both sides had previously resubmitted necessary documents to dismiss the case. Nonetheless, the court found that these submissions did not meet the required standards, leading Judge Torres to deny the modification of the order concerning Ripple.
This ultimately implies that the court currently has no pending issues to resolve, as both Ripple and the SEC are devoid of further judgments awaiting deliberation. What lies ahead is the imperative for both parties to fulfill the necessary conditions to finalize the initial appeals filed, which Fagel assured would be addressed in the near term.
While frustrations rise within the XRP community, Fagel has provided a rough estimate regarding the completion of the lawsuit. If everything proceeds as anticipated, we could see a conclusion by late-August, provided there are no unforeseen setbacks.
