- Lawyer Marc Fagel anticipates appeal dismissals before reporting deadline.
- SEC internal process continues; no dismissal filings confirmed yet.
- Ripple completed penalty payment, removing major legal barrier forward.
The XRP lawsuit could edge closer to resolution as the August 15 reporting deadline nears. Former SEC attorney Marc Fagel believes Ripple and the SEC may drop their appeals before the status update. While there is no legal requirement to dismiss them by that date, internal processes are reportedly underway.
Appeal Dismissals May Arrive Before Deadline
Fagel clarified in a post on X that August 15 marks the deadline for both parties to submit a joint status report. It does not compel the SEC or Ripple to file dismissal papers by that date. However, Fagel stated that dismissals may arrive before then, depending on internal reviews. He emphasized that any agreement would not be disclosed publicly until the appropriate filings are made in court.
He addressed speculation about the SEC’s actions, noting that internal discussions remain confidential. According to Fagel, while no formal dismissals have been filed, the SEC likely continues with standard review protocols. Once complete, a joint motion to dismiss appeals remains a possible outcome.
Legal Process Follows Standard Timelines
Following Judge Analisa Torres’s denial of a joint motion for an indicative ruling, Ripple and the SEC continue procedural steps. Ripple CEO Brad Garlinghouse previously hinted at dropping Ripple’s appeal, which has fueled optimism. However, Fagel reiterated that these actions require time. He estimated two months for the complete dismissal of appeals.
Ripple has already paid its $125 million penalty. Fagel ruled out delays from either the judge or the SEC. He said the appeals process is unfolding as expected, with no obstruction from any party. He dismissed rumors about multiple SEC meetings, asserting that the agency has not held four meetings on the Ripple appeal.
The August 15 report deadline stems from a joint request to pause the appeal. Fagel concluded that the next steps depend entirely on procedural reviews. While the case could reach closure soon, speculation should be avoided until court filings confirm it.
At press time, XRP is currently priced at $3.17, reflecting a 3.02% drop in the last 24 hours.
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