The Ripple vs. SEC Legal Battle: Anticipation Builds for a Conclusion
As the legal tussle between Ripple and the SEC approaches a potential resolution, the crypto community is buzzing with speculation. Notably, Ripple’s choice to withdraw its cross-appeal has intensified the focus on the proceedings. A key date has emerged—July 3—highlighted by a prominent crypto analyst, as the SEC is also rumored to be considering dropping its appeal.
Mark Your Calendars: July 3 Could Be Pivotal in Ripple vs. SEC Case
Crypto analyst Captain Redbeard has turned the spotlight on July 3, suggesting it could be a decisive day. On this date, the SEC is slated to conduct a private meeting. Redbeard emphasized that Ripple’s withdrawal of its cross-appeal could prompt the SEC to follow suit, potentially signaling the end of this high-profile legal battle. Should the SEC opt to abandon its appeal, significant changes in the crypto landscape could be imminent, offering newfound clarity for XRP and its investors.
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In related developments, Ripple’s CEO, Brad Garlinghouse, announced the firm’s decision to revoke its cross-appeal. He also noted the SEC’s initial indication that they might do likewise. However, for the SEC to proceed, a Commissioner’s vote is required, which adds another layer of complexity to the process.
Contrary to Redbeard’s insights, former SEC attorney Marc Fagel offered a different perspective. He clarified that the July 3 meeting might not directly address the appeal’s fate. According to Fagel, such closed-door meetings are a regular occurrence, and their agendas remain confidential. Therefore, any decision regarding the appeal’s dismissal could happen on any Thursday, or through alternative procedural channels.
Steps Remaining Before the Ripple vs. SEC Case Wraps Up
Marc Fagel further elaborated on the procedural steps required for the lawsuit’s conclusion. According to him, the SEC must officially vote to dismiss the appeal. Following this, both Ripple and the SEC would need to file the necessary paperwork to terminate their respective appeals. Once these formalities are completed, the district court’s previous ruling would be enacted.
Fagel cautioned that these steps might take several weeks, though there is potential for acceleration. He advised the XRP community to temper expectations regarding a definitive vote on July 3. Fagel suggested that such a vote is unlikely to occur this Thursday, reiterating that the agenda remains confidential and a vote on the appeal would be atypical for these meetings.
Currently, XRP is trading at approximately $2.22, marking an increase over the past 24 hours, as per CoinMarketCap data.
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