The Ripple vs SEC Case: Clarifying the Confusion
There has been a lot of misinformation circulating online regarding the ongoing legal battle between Ripple and the SEC. Some sources claim that the SEC has already dropped its appeal against Ripple, but the reality is quite different.
Setting the Record Straight
It is important to note that a judgment has already been made in this case, and Ripple has chosen to drop its cross-appeal. However, the SEC’s appeal has not yet been officially dismissed. Former SEC lawyer Marc Fagel has explained that both parties still need to file formal paperwork to dismiss their appeals. While it is likely that this will happen, the SEC is currently going through its internal approval process.
Clearing up Misconceptions
When questioned about the possibility of the SEC continuing its appeal, Fagel clarified that the SEC had initially agreed to dismiss the appeal as part of a settlement plan. However, this plan was contingent on the court vacating an injunction, which did not occur. Nevertheless, there is no reason for the SEC to proceed with the appeal at this point.
They already voted to dismiss it (as part of a settlement contingent on the district court vacating the injunction, which the court declined to do). There is no reason for them not to vote to just dismiss it outright at this point, and they will do so.
— Marc Fagel (@Marc_Fagel) July 1, 2025
Anticipating the Conclusion
Once the SEC completes its internal vote, both parties will jointly file papers to officially end the appeals. This will mark the full effect of the district court’s judgment, bringing closure to this lengthy legal saga.
Recent comments from Ripple CEO Brad Garlinghouse further confirm this direction, stating, “Ripple is dropping our cross-appeal, and the SEC is expected to drop theirs, as they’ve previously said. We’re closing this chapter once and for all and focusing on what’s most important — building the Internet of Value.”
Looking Ahead
While the appeals process technically remains open until the formal paperwork is filed, all indications suggest that the case will reach its official conclusion in the coming weeks. This clarity will allow both Ripple and the SEC to move forward and concentrate on their respective priorities.