XRP holders are increasingly being frustrated and confused about the (sec) silence of the US Securities and Exchange Commission about the wrinkle store. After years of lawsuits, many believed that the legal battle finally ended. But now the uncertainty has returned because the SEC still has to officially close the case.
XRP community wants clarity
The source of frustration is clear: Ripple had publicly announced that it had withdrawn his attraction, and many in the XRP community assumed that the SEC would do the same. Social media platforms such as X (formerly Twitter) buzz with messages from confused XRP supporters who ask the same question: “Why did the SEC not announce that the case is over?”
XRP holders hope that, with both Ripple and the SEC that apparently there to go to drop the remaining profession, the long legal saga finally lay behind them. They are now the feeling that Ripple and the community deserve closure and transparency after years of uncertainty that have weighed heavily on the price and reputation of XRP.
SEC -Process explained: Not that simple
Former SEC lawyer Marc Fagel stepped in to clarify the situation and explained that although the SEC staff may have decided to drop the appeal after the court order (which changes the remedies), there is still a formal approval process that must be completed.
This is how it works: as soon as the enforcement staff of the SEC makes a decision – such as withdrawing a appeal, they must be recommended to the Secul, which must then formally vote to approve it. This is a routine process and usually takes one to two months. In urgent situations the SEC can speed up things, but that does not seem to be the case here.
Fagel explained that, although the commissioners have previously approved similar dismissals (such as during earlier settlement phases), this time the process seems to be moving at its usual pace.
Was Ripple’s announcement misleading?
Crypto lawyer James Farrell has added another layer to the conversation. He said that some of the confusion can arise from how Ripple formulated their announcement. While Ripple said they dropped the profession and suggested that the SEC did the same, Farrell said that experienced legal professionals usually use more careful formulation.
Instead of saying that the SEC dropped the profession, most would say that something “the SEC staff agreed to reject the profession” – a small but important distinction. This formulation makes it clear that the final decision is still with the SEC commissioners and is not immediately.