As the August 15 status report deadline approaches, former SEC lawyer Marc Fagel remains optimistic about a positive development in the XRP lawsuit. Fagel believes that both Ripple and the SEC will likely drop their appeals before the deadline.
XRP Lawsuit August 15 Deadline: A Potential Development Ahead?
The XRP community is abuzz with speculation about a potential development in the XRP lawsuit as the August 15 status report deadline looms. Though there is no official confirmation about Ripple and the SEC’s next move, Marc Fagel says that both parties may file to dismiss their appeals before August 15. His X post read,
I believe that’s the date for the parties to report on the status of their appeals. It doesn’t mean it’s a hard deadline by which they must file their dismissal papers, but I assume they will try to do so before then.
Previously, when anticipation of a potential settlement on August 15 ran high, Marc Fagel clarified the significance of the date. He explained that August 15 marks the deadline for both parties to submit a status report, with no direct connection to the case’s outcome. Fagel reinforced this point in a recent post, stating that while both parties may file for dismissal of their appeals before August 15, this doesn’t imply a settlement will be reached by then.
Procedural Steps Underway
Following Judge Analisa Torres’ denial of the joint motion for an indicative ruling, the XRP community has been eagerly awaiting Ripple and the SEC’s next moves in the lawsuit. CEO Brad Garlinghouse’s announcement about dismissing Ripple’s appeal sparked optimism about a potential resolution. However, Marc Fagel downplayed these expectations, noting that neither party has officially filed dismissal papers. He added that it would take up to two months for the appeals to be dropped.
Marc Fagel ruled out other potential reasons for delays in the Ripple vs SEC case, attributing the current status to standard procedural steps. He noted that Ripple has already paid its $125 million penalty in cash, and that neither the SEC nor the judge is causing holdups. According to Fagel, the process is unfolding as expected, with the parties simply following usual protocols. He stated,
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, and will dismiss the appeal once the vote is taken, a process that typically takes 1-2 months).
While the exact timeline for the case settlement is uncertain, Fagel’s insights suggest that the case is progressing as expected, with standard procedural steps being followed. With both parties dismissing their appeals, a settlement becomes increasingly likely.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
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