As the ongoing legal showdown between Ripple Labs and the U.S. Securities and Exchange Commission approaches a key procedural milestone, industry observers are scrutinizing whether both parties will meet the upcoming court deadline of August 15. This date is set for the submission of a joint status update, which is expected to clarify the current status of any remaining appeals. The possibility of a definitive resolution or further delays has sparked renewed speculation about the strategies both sides might adopt.
Recently, former SEC attorney Marc Fagel shared his insights on X, discussing what might unfold by mid-August. Responding to Zach Rector’s query about the likelihood of Ripple and the SEC dropping their appeals by the deadline, Fagel indicated that both parties are strongly motivated to either file dismissals or inform the court that such dismissals are underway.
Implications for the Case’s Resolution
Fagel’s remarks add weight to the idea that both Ripple and the SEC are eager to resolve the procedural issues without additional delays. While he did not make a concrete prediction, his analysis suggests that practical considerations are influencing their actions. Specifically, the parties are incentivized to settle remaining appeals to avoid further court involvement or potential requests for extensions. Notably, Ripple announced in late June that it would withdraw its cross-appeal, and the community expects the SEC to do the same, although no formal withdrawal has been filed yet.
The August 15 status update will be crucial in confirming whether both sides are following through on their prior indications to resolve the appeals swiftly.
Will the Lawsuit Conclude Soon?
In response to inquiries about the case’s future, Fagel explained that both parties seem determined to drop their appeals, aiming to avoid returning to the Court of Appeals unprepared or requesting additional time. Their recent actions support the idea that they are seeking to prevent unnecessary delays.
The case has seen extensive efforts from both sides, including attempts to obtain an indicative ruling from Judge Annalisa Torres. This ruling was sought to potentially reduce Ripple’s $125 million penalty to $50 million and lift a permanent injunction that limits institutional $XRP sales. After the judge denied their joint motion for such a ruling, Ripple reaffirmed its stance that $XRP is not a security, expressing a desire to move forward. With both parties eager to conclude the legal proceedings, August 15 could mark the end of this lengthy battle.
Stay tuned for more updates on the Ripple vs SEC case.