August 15 is a key date in the legal case, but one lawyer believes both sides could move sooner.
The deadline to file a status report on Ripple's legal battle with the SEC is approaching, and former SEC lawyer Marc Fagel is back on the case.
Could there be a breakthrough before the deadline?
The XRP $XRP community is abuzz with speculation about a potential development in the lawsuit, as the deadline is next month: August 15th.
There is no official confirmation on the next move, but according to Marc Fagel, both sides could withdraw their appeals before the deadline.
In his last post on X he wrote:
"I believe that's the date the parties are required to report on the status of their appeals. That doesn't mean it's a strict deadline for filing the appeals, but I assume they'll try to do so before then."
The lawyer explained that August 15th is the deadline for both parties to submit a progress report, which has no direct bearing on the outcome of the case. Ripple and the SEC could also request dismissal of the lawsuits before that deadline, although that doesn't mean an agreement will be reached by then.
The case is proceeding as expected
After Judge Analisa Torres denied the joint motion for an indicative ruling, the XRP community anxiously awaited Ripple and the SEC’s next moves.
Ripple CEO Brad Garlinghouse's announcement that the company was withdrawing its appeal had sparked optimism about a possible resolution. Marc Fagel, however, tempered expectations, noting that neither side had yet submitted official documents and that withdrawing the appeals could take up to two months.
Marc Fagel has made it clear that there are no unusual reasons behind the prolonged proceedings between Ripple and the SEC. Everything is proceeding as usual without any hitches .
Ripple has already paid the $125 million fine, and according to the lawyer, neither the US regulator nor the judge are interfering. The proceedings are only following the steps required by law. Both parties are ready to withdraw their appeals, so a settlement may be close.
"No one is blocking the case. Not the judge (there's nothing to decide), nor the SEC (which has a standard procedure to follow and will reject the appeal once the vote is taken, a process that typically takes 1-2 months)," the lawyer said.
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