XRP Community Demands Transparency
The source of frustration is clear : Ripple had publicly announced its withdrawal from the appeal. Many XRP community members had assumed the SEC would do the same. But social media is overflowing with posts from confused XRP supporters, all asking the same question : “Why hasn’t the SEC announced the end of the case ?”
XRP holders had hoped that with both Ripple and the SEC seemingly agreeing to abandon the remaining appeal, the long legal saga was finally behind them. They now believe Ripple and the community deserve closure and transparency after years of uncertainty that has heavily weighed on XRP’s price and reputation.
Why the SEC Is Still Dragging Its Feet on Ripple
Former SEC attorney Marc Fagel stepped in to clarify the situation. He explained that while SEC staff may have decided to drop the appeal, there remains a formal approval procedure to complete.
Once the SEC enforcement staff makes a decision, such as withdrawing an appeal, they submit a recommendation to the SEC commissioners. These commissioners must then formally vote to approve it. This is a routine procedure that typically takes one to two months. In urgent situations, the SEC can expedite matters, but that doesn’t appear to be the case here.
Fagel explained that although commissioners have quickly approved similar dismissals in the past, this time the process seems to be moving at its normal pace.
Did Ripple Declare Victory Too Soon ?
Cryptocurrency attorney James Farrell added another dimension to the conversation. He stated that some confusion might stem from how Ripple phrased its announcement. Indeed, Ripple declared it was abandoning the appeal and implied the SEC was doing the same. Farrell noted that experienced legal professionals typically use more cautious wording.
Instead of saying the SEC has abandoned the appeal, most would say something like “SEC staff has agreed to recommend dismissal of the appeal.” This is a subtle but important distinction. This wording clearly indicates that the final decision still depends on the SEC commissioners and isn’t immediate.
The evolution of the Ripple vs SEC case around XRP therefore remains complex despite appearances. The XRP community eagerly awaits a clear and definitive resolution to this legal saga that has weighed heavily on the XRP cryptocurrency for a long time. Let’s stay attentive to upcoming announcements regarding this hot topic in the cryptocurrency world.
