The Ripple versus SEC lawsuit remains unresolved, despite Ripple dropping its cross-appeal. The dismissal delay frustrates XRP holders and market analysts.
Joint Motion Puts the Appeals on Hold
In April 2025, Ripple and the SEC filed a joint motion with the Second Circuit Court of Appeals to stay their appeals. This followed a broad agreement in principle to end the case, subject to SEC approval of the settlement. The court granted the request, putting deadlines on hold and requiring a status report within 60 days of the order.
Ripple Actions and SEC Awaiting
Ripple has already acted by dropping its cross-appeal and paying the penalty. Now it is up to the SEC. Legal experts say that the appeal dismissal delay is part of the process, not opposition. Former SEC lawyer Marc Fagel stated that the SEC must follow its standard enforcement protocol, which includes writing staff action memos, division-level reviews, and a formal vote by commissioners, a process that takes one to two months. Fagel clarified: 'Nobody is holding up the case. Not the judge (there is nothing for her to decide), not the SEC (which has a standard procedure to follow).'
Understanding the Situation: Rumors and Facts
Online rumors claimed that the SEC had held multiple closed-door votes; some mentioned a 'fourth meeting.' These claims have been debunked. Fagel states there is only one vote to dismiss the appeals that has not happened yet. Public assumptions about a secret meeting stem from misunderstanding the SEC's weekly meetings, which follow the same agenda and rarely touch on individual enforcement cases like Ripple's.
Based on the latest information, the Ripple appeal dismissal delay is not due to secret agendas but the slow bureaucratic process. Ripple has fulfilled its obligations, and it is now the SEC's turn to complete its multi-step internal review. As the August 15, 2025 deadline approaches, the industry awaits clarity.
