Ripple vs. SEC: Appeal Still Pending as Market Awaits SEC Vote

The Ripple vs. SEC case is still not fully resolved. Although Ripple announced on June 27 that it would drop its cross-appeal, the SEC has yet to officially withdraw its own appeal, keeping the case open and investors waiting. 

SEC Meeting Sparks Speculation, but No Action

Many in the crypto community expected the SEC to vote on dropping its appeal during the recent closed-door meeting. They were curious as to why there was no press release from the SEC after its July 17 closed-door meeting, especially with “litigation” on the agenda.

There was no announcement made, and on Friday, XRP dropped from $3.66 to under $3.50. Legal expert Mark Fagel explained that this was just a routine meeting. The SEC holds these closed meetings every Thursday, and the agendas don’t reveal what’s actually being discussed. So, no one outside the SEC knows if Ripple was even on the table. 

That’s not the cause for delay. The staff needs to draft its action memo. It needs to be reviewed by the divisions and calendared for a commissioner vote. But please, keep lecturing a former senior SEC official about SEC procedures.

“There was no basis to believe that dismissing the Ripple appeal was on yesterday’s calendar. It can take 1-2 months to calendar an SEC enforcement vote, and anyone claiming to know exactly when this will happen is lying,” he said. 

Why Has the SEC Not Dropped Its Appeal Yet?

Some XRP holders pointed out that the SEC doesn’t hold closed meetings every Thursday as claimed. They argue that past deals were made faster, but Fagel pushed back firmly, saying the delay isn’t about disagreement, it’s about procedure. In his words, “That’s not the cause for delay, but keep lecturing a former senior SEC official about SEC procedures.”

Fagel Says It’s Just Procedure

Even though Ripple has announced dropping its appeal, the SEC must go through its standard internal process. That includes drafting an action memo, reviewing it across multiple divisions, and scheduling a vote with the commissioners. That timeline can easily take 1–2 months, he says. 

Marc Fagel had previously clarified that neither side has officially dropped their appeal yet. The SEC is just following the process, and there is nothing special for Ripple. Once that’s done, both parties will file the dismissal paperwork, and it will happen soon.

The next SEC closed meeting is on July 24, exactly four weeks since Judge Torres’ ruling. Experts widely expect the SEC to drop its appeal in the Ripple case. Once the appeal is officially dismissed, it could fast-track approval of XRP-spot ETFs. XRP price stays volatile, and investors are watching closely for any developments.

FAQs

Is the Ripple vs. SEC lawsuit completely over?

No, the Ripple vs. SEC case is not fully resolved. While Ripple dropped its cross-appeal in June 2025, the SEC has yet to officially withdraw its appeal.

When is the SEC expected to officially drop its appeal?

Experts widely expect the SEC to drop its appeal in the Ripple case soon, potentially around the next closed meeting on July 24, as it’s a procedural step after the settlement.

How will the official dismissal of the appeal impact XRP ETFs?

Once the SEC officially dismisses its appeal, it is expected to fast-track the approval of spot XRP ETFs, which could significantly boost XRP’s price.