- Judge Torres is officially out of the Ripple lawsuit—what happens next depends entirely on the SEC and Ripple.
- Despite public announcements, neither party has formally dismissed their appeal, leaving the case in legal limbo.
- XRP holders hoping for a fast resolution may have to wait longer as procedural filings remain pending.
The legal standoff between Ripple and the U.S. Securities and Exchange Commission (SEC) remains in focus, as former SEC lawyer Marc Fagel has clarified key details about the case’s status. According to Fagel, Judge Analisa Torres has no further involvement in the matter, and her previous ruling against Ripple will go into effect once both parties formally dismiss their appeals.
Fagel made his remarks publicly on X, addressing ongoing confusion within the XRP community. According to him, the district court’s ruling is already implemented and will automatically be declared upon dropping the appeals. He also said that Judge Torres does not have to add her signature to anything.
Recently, Ripple CEO Brad Garlinghouse declared that the company planned to withdraw its appeal. However, Fagel has observed that neither Ripple nor the SEC has filed any court notice of dismissal despite the declaration. The legal result stands in abeyance until such a procedure is filed.
Fagel affirmed that the process of appeal is yet to be officially concluded and that no absolute legal implication will be conferred until both parties file the requisite documents. He further added that this step is probable but has not yet taken place and that it may require some more time to be done so because of the internal review mechanism of the SEC.
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Ripple’s Appeal Dismissal Awaits Official Filing as SEC Meeting Fuels Speculation
There was widespread speculation that a closed-door SEC meeting held on July 3 could be related to a settlement in the Ripple case. Regarding these allegations, Fagel clarified this by stating that such get-togethers are usually planned and not hinged on on-the-go legal payoffs.
He pointed out that if a decision was already taken internally, it would still need weeks before any such filing could be noted in the court docket.
He added that the cases seem to be heading to dismissal of their appeals, but there are yet to be any records of any official act being carried out presently. In his view, after listing the filings, the case comes back to where Judge Torres initially ruled against Ripple, and hence, her role ends at that junction.
The XRP community has been on foot on any indication of a settlement or a fast-tracked decision; however, the revelations by Fagel indicate that it is a mere procedural delay. The result is linked to actual court proceedings and SEC internal procedures that might not be fast.
As of July 6, 2025, the Ripple vs SEC lawsuit remains in a transitional stage. Judge Torres’ involvement is complete, but the legal resolution depends on the appeal dismissals being officially filed. While a settlement appears close, procedural steps still need to be followed before the case can be fully resolved.
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