Ripple v. SEC: Official Shares Crucial Reminder

On Friday, the SEC submitted a status report with the Court of Appeals, stating that both parties had filed a Joint Stipulation of Dismissal of the appeals, which remains pending and is awaiting approval by the Court.

It should be recalled that on Aug. 7, the SEC filed a Joint Stipulation of Dismissal with the United States Court of Appeals for the Second Circuit, entered into with defendants Ripple Labs, Brad Garlinghouse and Chris Larsen, which dismissed the Commission’s appeal and Ripple’s cross-appeal and resolves the Commission’s civil enforcement action against the defendants.

Since the Joint Stipulation of Dismissal was filed with the United States Court of Appeals for the Second Circuit, the court approval awaited would be from there rather than the district court, which would have brought Judge Torres into the matter.

Former SEC regional director, Marc Fagel, issues a reminder along these lines amid online speculation of a court decision being awaited from Judge Torres in the Ripple case. Fagel wrote in response to one of such speculations on X: "Reminder: Judge Torres has nothing further to do with this case."

Ripple case over

As reported, $XRP enthusiast and legal attorney, Bill Morgan, referred to the recently filed status report as a formality, having no impact on past developments in the Ripple SEC lawsuit.

The SEC sued Ripple in December 2020, alleging that it sold $XRP tokens without first registering them as securities. Ripple and SEC have agreed to dismiss their appeals, bringing the case to an effective conclusion.

Ripple declared an end to the five year old lawsuit when Stuart Alderoty, Ripple's chief legal officer, shortly after the Joint Stipulation of Dismissal was filed, stated the dismissals marked "the end" of the case.

The SEC has also dismissed its lawsuits filed against crypto exchanges Binance, Coinbase and Kraken.