XRP News Today: Ripple Withdraws Appeal in SEC Case, Resolution May Take Two Months

Ripple Labs, the company behind the cryptocurrency XRP, has announced that it will withdraw its appeal in the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over the sale of XRP. This decision marks a significant development in the long-running case, which has been a focal point for the cryptocurrency industry and regulatory bodies alike. The SEC initially filed a lawsuit against Ripple in December 2020, alleging that the company had conducted an unregistered securities offering through the sale of XRP. Ripple has consistently maintained that XRP is not a security but rather a currency, and the company has been fighting the charges in court. The withdrawal of the appeal suggests that Ripple is seeking to resolve the case through other means, potentially through a settlement or further negotiations with the SEC.

Despite the withdrawal of the appeal, the closure of the case could still take up to two months. This delay is due to the complex nature of the legal proceedings and the need for both parties to finalize the terms of the resolution. The SEC has not yet commented on the withdrawal of the appeal, but it is expected that the regulatory body will continue to monitor the situation closely. The legal battle between Ripple and the SEC has had a significant impact on the cryptocurrency market, with investor confidence in XRP fluctuating based on developments in the case. The withdrawal of the appeal has been met with mixed reactions from industry experts, with some viewing it as a positive step towards resolution, while others remain cautious about the potential outcomes.

XRP holders are growing increasingly frustrated and confused over the SEC's silence on the Ripple case. After years of litigation, many believed the legal battle was finally coming to an end. But now, uncertainty has returned as the SEC has yet to officially close the case. The source of frustration is clear: Ripple had publicly announced it was withdrawing its appeal, and many in the XRP community assumed the SEC would do the same. Social media platforms have been buzzing with posts from confused XRP supporters asking the same question: “Why hasn’t the SEC announced that the case is over?”

XRP holders were hopeful that, with both Ripple and the SEC seemingly agreeing to drop the remaining appeal, the long legal saga was finally behind them. They now feel that Ripple and the community deserve closure and transparency after years of uncertainty that have weighed heavily on the price and reputation of XRP. Former SEC attorney Marc Fagel stepped in to clarify the situation, explaining that while the SEC’s staff may have decided to drop the appeal after the court’s June 26 order (which denied modifying the remedies), there’s still a formal approval process that needs to be completed. Here’s how it works: once the enforcement staff at the SEC makes a decision — like withdrawing an appeal, they submit a recommendation to the SEC’s commissioners, who must then formally vote to approve it. This is a routine process and typically takes one to two months. In urgent situations, the SEC can speed things up, but that doesn’t appear to be the case here. Fagel explained that, while the commissioners have previously approved similar dismissals quickly (such as during earlier settlement stages), this time the process seems to be moving at its usual pace.

Crypto lawyer James Farrell added another layer to the conversation. He said that some of the confusion may stem from how Ripple phrased their announcement. While Ripple said they were dropping the appeal and suggested the SEC was doing the same, Farrell said that experienced legal professionals typically use more cautious wording. Instead of saying the SEC has dropped the appeal, most would say something like “the SEC staff has agreed to recommend dismissing the appeal” — a small but important distinction. That wording makes it clear that the final decision still lies with the SEC commissioners and isn’t immediate.

The resolution of the Ripple vs. SEC case could have far-reaching implications for the cryptocurrency industry. If the SEC's allegations are upheld, it could set a precedent for how other cryptocurrencies are regulated in the future. Conversely, if Ripple is successful in its defense, it could pave the way for greater acceptance and adoption of cryptocurrencies as a legitimate form of currency. In the meantime, Ripple continues to focus on its core business operations, including the development of its blockchain technology and partnerships with financial institutions. The company has been actively expanding its presence in the global market, with a particular focus on cross-border payments and remittances. Despite the ongoing legal challenges, Ripple remains committed to its mission of revolutionizing the way money is moved around the world.