Ripple vs SEC Update: Closure Could Take 2 Months Despite Appeal Withdrawal

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XRP holders are growing increasingly frustrated and confused over the U.S. Securities and Exchange Commission’s (SEC) silence on the Ripple case. After years of litigation, many believed the legal battle was finally coming to an end. But now, uncertainty has returned as the SEC has yet to officially close the case.

XRP Community Wants Clarity

The source of frustration is clear: Ripple had publicly announced it was withdrawing its appeal, and many in the XRP community assumed the SEC would do the same. Social media platforms like X (formerly Twitter) have been buzzing with posts from confused XRP supporters asking the same question:  “Why hasn’t the SEC announced that the case is over?”

XRP holders were hopeful that, with both Ripple and the SEC seemingly agreeing to drop the remaining appeal, the long legal saga was finally behind them. They now feel that Ripple and the community deserve closure and transparency after years of uncertainty that have weighed heavily on the price and reputation of XRP.

SEC Process Explained: Not That Simple

Former SEC attorney Marc Fagel stepped in to clarify the situation, explaining that while the SEC’s staff may have decided to drop the appeal after the court’s June 26 order (which denied modifying the remedies), there’s still a formal approval process that needs to be completed.

Here’s how it works: once the enforcement staff at the SEC makes a decision — like withdrawing an appeal,  they submit a recommendation to the SEC’s commissioners, who must then formally vote to approve it. This is a routine process and typically takes one to two months. In urgent situations, the SEC can speed things up, but that doesn’t appear to be the case here.

Fagel explained that, while the commissioners have previously approved similar dismissals quickly (such as during earlier settlement stages), this time the process seems to be moving at its usual pace.

Was Ripple’s Announcement Misleading?

Crypto lawyer James Farrell added another layer to the conversation. He said that some of the confusion may stem from how Ripple phrased their announcement. While Ripple said they were dropping the appeal and suggested the SEC was doing the same, Farrell said that experienced legal professionals typically use more cautious wording.

Instead of saying the SEC has dropped the appeal, most would say something like “the SEC staff has agreed to recommend dismissing the appeal” — a small but important distinction. That wording makes it clear that the final decision still lies with the SEC commissioners and isn’t immediate.