On August 8, the XRP $XRP community witnessed a significant milestone in the protracted Ripple vs. SEC legal battle. Court filings revealed that Ripple Labs and the U.S. Securities and Exchange Commission had jointly moved to dismiss their respective appeals, effectively bringing an end to a case that has spanned more than five years.
While the development was met with widespread celebration among XRP supporters, some noted the absence of an immediate public response from Ripple CEO Brad Garlinghouse, who remained silent for over 24 hours following the news.
Mixed Reactions Within the Community
The joint dismissal prompted optimism among many investors, yet a portion of the XRP $XRP community expressed skepticism. Certain social media users questioned the validity of the reports, labeling them as “fake news” due to the lack of corresponding updates on the SEC’s official channels. Others suggested the possibility of a strategic delay, pointing to the absence of formal public statements from both Ripple and the SEC.
Ripple’s Chief Legal Officer, Stuart Alderoty, addressed the matter, stating:
“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals. The end… and now back to business.”
Clarification From a Former SEC Official:
Former SEC attorney Marc Fagel moved to clarify the situation, emphasizing that the joint stipulation of dismissal is publicly available and does not require any further judicial approval. He noted that Judge Analisa Torres, who presided over the case, is not required to take additional action. Once the Court of Appeals completes the administrative process, her prior ruling against the SEC will stand in full effect.
“No judges need to weigh in on anything at this point,” Fagel confirmed, underscoring that the case has effectively concluded.
Implications for Ripple and XRP
The resolution removes the “Bad Actor” designation from Ripple, potentially enhancing its ability to raise capital and pursue new strategic initiatives. Nevertheless, until an official statement is issued by either Ripple or the SEC, segments of the $XRP community are likely to remain cautious.
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