XRP News Today: XRP Legal Case Stalls Awaiting SEC Vote on Injunction修改

A former U.S. Securities and Exchange Commission (SEC) regional director, Marc Fagel, has highlighted that the XRP legal case remains unresolved due to procedural delays, particularly the need for another SEC vote before the matter can be finalized. Fagel, who previously served at the SEC, noted in a public statement on X that the original vote did not cover modifications to the injunction, raising the possibility that an additional Commission vote will be required [2]. His comments have intensified speculation that the case may not yet be closed, despite a settlement agreement reached in June 2025.

The ongoing uncertainty stems from the unresolved issue of injunctive relief, a court-imposed restriction that limits Ripple’s ability to sell XRP under specific conditions. Although the SEC and Ripple had proposed a joint motion to settle the case, it was rejected by Judge Analisa Torres, allowing the appeal process to continue [1]. Under SEC regulations, any modification to an enforcement action—particularly one involving an injunction—typically requires a formal vote by the Commission. Fagel’s remarks suggest that this critical procedural step has yet to occur, leaving the final resolution in limbo.

The lawsuit, which began in December 2020, has seen several key developments. In July 2023, Judge Torres ruled that XRP is not a security when sold on public exchanges, marking a partial victory for Ripple. However, she also affirmed that Ripple’s previous institutional XRP sales violated securities laws [1]. Ripple later dropped its counter-appeal, while the SEC’s appeals are also expected to be withdrawn, according to insiders. Yet, the lingering issue of the injunction continues to prevent a formal closure.

Fagel clarified that the delays were not caused by the SEC, as some had speculated, but rather by Ripple’s own legal strategy. The firm had attempted to renegotiate the terms of the case, including vacating the injunction and reducing its $125 million penalty, but the court rejected these proposals [1]. The legal process, Fagel noted, simply moved at its own pace, independent of political changes such as the 2024 election and the appointment of new SEC Chair Paul Atkins [1].

The SEC has until August 15, 2025, to respond or take further action. Once the appeals are officially withdrawn, the $125 million in escrow will be transferred to the U.S. Treasury. Fagel emphasized that while Ripple may no longer be restricted in its future XRP sales, the court’s judgment on past securities law violations remains intact [1]. He also dismissed the notion that Ripple would be “cleared” of any wrongdoing, stating that the SEC would not absolve the firm of its past actions.

The XRP community, which has endured nearly five years of legal uncertainty, is now waiting for the final procedural steps to be completed. Until another Commission vote takes place, the case remains open, and the future of XRP regulation hangs in the balance. Fagel’s insights have underscored the complexity of federal litigation and the procedural nuances involved in resolving high-profile crypto enforcement actions. With the legal landscape shifting, the outcome of the XRP case will likely have broader implications for the crypto industry and regulatory enforcement strategies [1].

Sources:

[1] BeInCrypto – https://beincrypto.com/former-sec-official-explains-ripple-xrp-lawsuit-delays/

[2] Bitcoinist.com – https://bitcoinist.com/why-the-xrp-lawsuit-has-gone-silent/