The post Ripple vs SEC Lawsuit Update: Why Is It Taking So Long to Dismiss the Appeal? appeared first on Coinpedia Fintech News
The Ripple vs SEC lawsuit is again at the center of attention as crypto experts and legal analysts express growing frustration about the delay in dismissing the SEC’s appeal. While the SEC has been quick to wrap up lawsuits against other crypto companies like Coinbase, many are questioning why the process is dragging on when it comes to Ripple and XRP.
Attorney Bill Morgan recently raised a key question. He asked whether SEC Chair Paul Atkins can get the agency’s commissioners to vote on dismissing the appeal in the Ripple case. He also questioned if SEC attorneys are ready to file the necessary paperwork.
Expert Breaks It Down
Former SEC lawyer Marc Fagel responded with more context. He explained that Ripple and the SEC earlier attempted to settle the case. However, the proposed terms depended on the court removing an injunction and reducing the penalty against Ripple. The court rejected that proposal. Because of that, both parties had to start the dismissal process again from scratch.
Fagel said that if Ripple had simply accepted the original court ruling without asking for changes, the appeal would have been dismissed months ago. Instead, their alternative approach failed, and now the process must go through the SEC’s usual steps again.
Is a Second Vote Needed?
A part of the current delay is confusion over whether another SEC vote is needed. Morgan and Fagel discussed this as well. According to Fagel, there is a small chance that the previous vote, taken before Atkins became chair, already allowed for a full dismissal. But given the ongoing delay, it’s likely that a second vote is still required.
Morgan added that he had spoken with another former SEC attorney who was unsure if a new vote was necessary. Fagel replied that the delay makes it clear the previous vote probably didn’t cover full dismissal of the case.
Why It’s Still Not Over
Even though both Ripple and the SEC appear ready to end the case, they are stuck in a holding pattern. The internal approval process at the SEC is slow, especially when a new chair takes over. Until a fresh vote is held, the appeal cannot officially be dismissed, and the legal proceedings remain active.