The Ripple vs SEC lawsuit continues to be a topic of interest within the crypto community, with many expressing frustration over the delayed dismissal of the SEC’s appeal. While other lawsuits against crypto companies like Coinbase have been swiftly resolved, the case involving Ripple and XRP seems to be dragging on unnecessarily.
Attorney Bill Morgan has raised important questions about the current situation. He has questioned whether SEC Chair Paul Atkins can rally the agency’s commissioners to vote on dismissing the appeal in the Ripple case, as well as whether the SEC attorneys are prepared to file the necessary paperwork.
Former SEC lawyer Marc Fagel has provided some clarity on the matter. He explained that Ripple and the SEC had previously attempted to settle the case, but the terms of the settlement depended on the court removing an injunction and reducing the penalty against Ripple. When the court rejected this proposal, both parties had to restart the dismissal process from the beginning.
The delay in the dismissal process is partly due to confusion surrounding whether another SEC vote is required. Fagel and Morgan discussed this issue, with Fagel suggesting that a second vote is likely necessary, despite a previous vote that may have allowed for full dismissal before Atkins became chair.
The ongoing delay in resolving the appeal is mainly attributed to the slow internal approval process at the SEC, especially during a transition in leadership. Until a fresh vote is conducted, the appeal cannot be officially dismissed, and the legal proceedings will continue to remain active.
The Ripple vs SEC lawsuit serves as a reminder of the complexities involved in legal proceedings within the crypto space. As both parties await a resolution, the crypto community eagerly anticipates the outcome of this high-profile case. Stay tuned for further updates on this developing story.