The post Ripple Lawsuit News: SEC Delays Lawsuit Announcement Until August 7? Ex-SEC Lawyer Clarifies appeared first on Coinpedia Fintech News
After four long years of legal battles, the fight between Ripple and the SEC has finally come to a halt. The legal showdown that has drawn attention from both the crypto community and financial regulators appears to be over, but some lingering questions remain. Despite a statement from Ripple CEO Brad Garlinghouse, XRP supporters are still waiting for official confirmation from the SEC itself.
Amid ongoing speculation, a document recently circulated online claiming that the SEC will not make an official announcement about the lawsuit until August 7. However, former SEC lawyer Marc Fagel quickly dismissed the document, stating, “This is stupid and wrong. You’re welcome!” Others pointed out that the document in question was from last summer, further fueling doubts about its validity.
Just last week, the SEC decided to drop its appeal without any conditions. In return, Ripple has agreed to drop its cross-appeal. As part of the settlement, the SEC will keep $50 million of the $125 million fine, which is already held in an interest-bearing escrow account. The remaining balance will be returned to Ripple.
Additionally, the SEC should ask the court to lift the standard injunction that was imposed earlier at the SEC’s request. However, this process isn’t immediate. Before the injunction can be lifted, the SEC must first vote on the decision, and then Judge Torres must be asked to lift it. This will likely happen in the coming weeks,
All of this is still subject to a Commission vote, the drafting of final documents, and the usual court processes.