Ripple Vs. SEC Lawsuit Nears End — Why The July 3rd Date Is Important

The Ripple Vs. SEC lawsuit is nearing a conclusion following the crypto firm’s decision to drop its cross-appeal. Now, a crypto commentator has drawn the XRP community’s attention to July 3 as an important date to look forward to, as the SEC also moves to drop its appeal. 

All Eyes on July 3 as Ripple vs. SEC Lawsuit Concludes

In an X post, crypto commentator Captain Redbeard declared that July 3 is the moment of truth, with the SEC set to have a closed-door meeting on that day. He noted that Ripple has dropped its cross-appeal and that the Commission’s next move could end it all. Captain Redbeard added that if the agency follows through in dropping its appeal in the Ripple vs. SEC lawsuit, XRP is about to rip. He then remarked that game-changing clarity is within reach. 

Bitcoinist reported that Ripple CEO Brad Garlinghouse had announced that his firm was dropping its cross-appeal. He also mentioned that the SEC is expected to do the same, as they promised initially. However, the agency is expected to have a Commissioner’s vote before it drops the appeal in the Ripple vs. SEC lawsuit. 

However, contrary to Captain Redbeard’s opinion, ex-SEC lawyer Marc Fagel has clarified that July 3 isn’t necessarily concerning the vote on whether to drop the appeal. In an X post, Fagel noted that the proposed closed-door meeting happens every week and that the agenda is confidential. As such, it is impossible to know whether they will vote to drop the appeal in the Ripple vs. SEC lawsuit at that meeting. 

The legal expert further remarked that the vote to dismiss the appeal could happen any Thursday in the future. He added that they could also approve the dismissal through a completely different mechanism. 

What Needs To Be Done Before The Lawsuit Can End

In another X post, Marc Fagel gave a breakdown of what needs to happen before the Ripple vs. SEC lawsuit can finally end. He stated that the Commission likely still needs to vote to dismiss the appeal. Once that is done, then both parties will need to submit papers dismissing their respective appeals, after which the district court’s order goes into effect. 

Fagel explained that these procedures could take several weeks or more. However, it could be expedited, and so, there is no set timeframe. Meanwhile, he suggested that the XRP community shouldn’t get their hopes up about a vote to drop the appeal in the Ripple vs. SEC lawsuit happening on July 3. 

The lawyer stated that it is almost certain that they won’t vote on this on Thursday. He admitted that he isn’t privy to the confidential agenda but that voting on the appeal would be highly unusual. 

At the time of writing, the XRP price is trading at around $2.22, up in the last 24 hours, according to data from CoinMarketCap.

Featured image from Getty Images, chart from Tradingview.com