XRP holders are increasingly frustrated and confused by the SEC's silence regarding the Ripple case. After years of litigation, many believed the legal battle was finally nearing closure, but uncertainty has returned.
Growing Frustration Among XRP Holders
XRP holders have voiced their concerns on social platforms like X (formerly Twitter), asking the recurring question: 'Why hasn’t the SEC announced that the case is over?' After Ripple announced its withdrawal of the appeal, many in the XRP community assumed that the SEC would do the same. Now, calls for clarity have intensified.
Understanding the SEC Approval Process
Former SEC attorney Marc Fagel explained the situation, indicating that while the SEC staff may have decided to drop the appeal, formal approval from the commissioners is still required. The process of submitting a recommendation followed by a vote typically takes one to two months, and it appears to be moving at the regular pace in this case.
Implications of Ripple's Announcement
Crypto lawyer James Farrell added another dimension to the discussion, suggesting that some of the confusion may stem from the wording of Ripple's announcement. Instead of definitively stating that the SEC has dropped the appeal, it would typically be phrased as 'the SEC staff has agreed to recommend dismissing the appeal,' indicating that the final decision remains with the SEC commissioners.
Given the ongoing silence from the SEC and the uncertainty surrounding the Ripple case, the XRP community emphasizes the need for clarity and transparency. The lengthy legal battles have heavily weighed on the reputation and price of XRP, and holders are now looking for an end to this confusion.
