The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has recently taken an unexpected turn, sparking confusion and debate within the crypto community. Reports surfaced claiming that the case was officially over after both parties filed a Joint Dismissal of the Appeals, leading to widespread speculation and social media frenzy.
However, not everyone was convinced by the news, with many questioning the validity of the claims and engaging in heated discussions across various platforms. Crypto analyst Zach Rector shed some light on the situation, explaining that in federal appellate court rules, a judge’s signature is not always required for both parties to agree to dismiss an appeal. According to Federal Rule of Appellate Procedure (FRAP) 42(b), a “stipulated dismissal” can be carried out by the circuit clerk if both parties sign an agreement and meet certain requirements without the need for a judge’s approval.
It was clarified by legal experts that if the dismissal agreement involves more than just ending the appeal, such as settling, reducing penalties, or overturning a lower court’s decision, a judge’s order would be necessary. Former SEC lawyer Marc Fagel addressed the rumor about a possible reduction in Ripple’s penalty, confirming that Judge Torres had rejected the request to lower the fine from $125 million to $50–$75 million, thus upholding the original ruling.
In summary, if both Ripple and the SEC have mutually agreed to drop the appeal without any additional conditions, the case at the appellate level is indeed concluded without a judge’s signature. However, it is important to note that the penalty remains unchanged, and the dismissal does not alter the initial judgment or impact the imposed fines.
The latest developments in the Ripple vs. SEC legal saga highlight the complexities of legal procedures and the nuances involved in resolving such high-profile cases. As the crypto community continues to closely monitor the situation, it serves as a reminder of the importance of understanding the intricacies of legal proceedings and the potential implications for all parties involved.