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The legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is approaching a key date, with the next status report due on Aug. 15. The XRP community is keeping a close eye on what happens next while expressing anticipation on social media X.
Adding insight to the situation, Marc Fagel, a former SEC regional director, addressed ongoing expectations. According to Fagel, "There is nothing for the courts to do at this moment. The appeal is on hold pending an 8/15 status report; if Ripple and the SEC dismiss their appeals by then, it’s essentially over; if they don’t, the appeals remain active."
Fagel's comments reflect the sentiment of the XRP community, which awaits final confirmation of the dismissal of appeals in the lawsuit.
In June, Ripple announced it was dropping its cross-appeal in its nearly five-year-long legal case, with the SEC expected to do likewise.
What remains
Given community anticipation ahead of Aug. 15, XRP enthusiast Bill Morgan has taken to X to clarify a few misconceptions. Morgan reiterated what to expect, stating that there is no decision pending from the court.
According to Morgan, all that remains is for SEC commissioners to vote on dismissing the appeal and for both parties to take the final step of dismissing their respective appeals.
While the parties have already signed a conditional settlement agreement that called for both the Ripple and SEC appeals to be dismissed, the conditions were not satisfied. "Until the appeals are dismissed both Ripple and SEC appeals remain formally on foot," Morgan added.
Morgan shared his expectation ahead of the Aug. 15 deadline: "Dismissal of the appeals may happen, and is more likely to happen than not, before the 15 August deadline to report to the appeal court on the status of the appeals. 15 August however, is not a deadline on the parties to dismiss their respective appeals. The parties may ask for another extension. It seems unlikely, and I cannot imagine why another extension is needed, but nothing would surprise."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team