The Securities and Exchange Commission has not yet issued an official statement regarding withdrawing its appeal against Ripple. This has raised concern among members of the XRP community, who expected confirmation following Ripple’s announcement that the appeal was dropped.
SEC Likely to Approve Withdrawal During Next Closed Meeting Scheduled for March 27
According to Fox Business journalist Eleanor Terrett, the Commission must formally approve the appeal withdrawal before making any public announcement. She explained that the SEC typically handles litigation and enforcement matters in private meetings behind closed doors.
Also Read: Ripple Issues New Proposal to SEC to Tackle Regulatory Uncertainty – Here is What’s Inside
According to Terrett, there were no meetings last week, which prevented official confirmation of the topic. A confidential meeting on Thursday, March 27, will discuss the Ripple case according to current scheduling.
The Commission releases an internal approval before sending out a press announcement like the SEC conducts with Coinbase. The SEC released its approval regarding the Coinbase lawsuit dismissal several weeks after the completion of the internal review.
The XRP community is puzzled by the absence of official statements from the SEC because they want more clarity about the Commission’s present stance. Terrett cleared up the matter by revealing that progress follows Commission meeting rules.
The lawsuit continues in effect since Ripple has elected to maintain its opposition to the Commission through its cross-appeal. Ripple uses the cross-appeal as an objection against a previous SEC decision requiring it to pay $125 million to sell XRP to institutional clients.
Ripple continues discussions with the SEC to establish solutions for all pending issues that cover the imposed fine and the permanent injunction that the Commission imposed.
Meanwhile, Ripple has shown interest in dismissing its ongoing appeal after reaching a settlement with the SEC to end this tribunal permanently.
The legal battle, which began in December 2020, remains one of the most closely followed enforcement cases in the crypto industry. Both parties appear to be moving toward resolution, but no final decision has been announced.
Conclusion
The SEC has not officially confirmed the appeal dismissal because it requires internal approval, which is expected to be addressed on March 27.
Also Read: Here is Why XRP is Suddenly Up Today – Will the Surge Sustain?
