XRP $XRP holders are increasingly frustrated and confused by the US Securities and Exchange Commission's (SEC) silence on the Ripple case . After years of legal wrangling, many believed the battle was finally over. But now uncertainty has returned , as the SEC has yet to officially close the case.

The XRP community wants clarity

The source of the frustration is clear: Ripple had publicly announced that it had withdrawn its appeal, and many in the XRP community assumed the SEC would follow suit. Social media platforms like X are filled with posts from confused supporters asking the same question: "Why hasn't the SEC announced the case is closed yet?"

XRP holders were hopeful that, with Ripple and the SEC apparently agreeing to drop the remaining appeal, the long legal saga was finally behind them. They now believe Ripple and the entire community deserve clarity and transparency after years of uncertainty, which have significantly impacted XRP's price and reputation.

The SEC process is not that simple

Former SEC counsel Marc Fagel stepped in to clarify the situation, explaining that while SEC staff may have decided to drop the appeal after the June 26 court order (which denied the sanctions modification), there is still a formal approval process that must be completed.

Here's how it works: When the executive office staff makes a decision—such as withdrawing an appeal—it must submit a recommendation to the SEC commissioners, who must then formally vote to approve it. This is a standard procedure that typically takes one to two months . In urgent situations, the SEC can expedite the process, but that doesn't appear to be the case.

Fagel explained that while commissioners have quickly approved similar waivers in the past (for example, during the preliminary stages of a deal), this time the process appears to be following its usual course.

Was Ripple's announcement misleading?

James Farrell, a cryptocurrency lawyer, offered an interesting take on the matter, suggesting that part of the misunderstanding may have arisen from Ripple's ambiguous wording in its announcement . The company announced it had withdrawn its appeal, implicitly implying that the SEC had done the same. However, according to Farrell, a more cautious approach would have been preferable .

Specifically, rather than stating that "the SEC has withdrawn the appeal ," it would have been more accurate to say that "the SEC staff has concurred in recommending the withdrawal of the appeal ." A seemingly minor but crucial nuance: this wording highlights that the final decision still rests with the SEC Commissioners and has not yet been formalized.

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