As the XRP lawsuit continues to unfold, former SEC lawyer Marc Fagel has reiterated that Judge Analisa Torres will not have a further role in the case. Fagel’s statement comes amid growing anticipation of a potential Ripple case settlement, where the SEC has yet to drop its appeal.
Marc Fagel Explains Judge Torres’ Limited Role in XRP Lawsuit
In his latest X post, former SEC attorney Marc Fagel shed light on the limited involvement of Judge Analisa Torres in the XRP lawsuit’s further proceedings. He added that Judge Torres’ previous order against Ripple will take effect when both parties drop their appeal. The post read,
The parties can drop their appeals, at which time her order against Ripple takes effect. Judge Torres has no further role in this.
Though Brad Garlinghouse has announced the dismissal of Ripple’s appeal against the SEC, Fagel argues that the platform hasn’t officially submitted the filing. Fagel pushed back on the XRP community’s debate about Ripple’s appeal dismissal, noting that no such filing had been made to the docket.
Further, adding more clarity to the situation, Fagel posited though neither party had filed to dismiss their appeals, it was likely that they would do so. “They 100% will,” stated the ex-SEC lawyer. Clarifying Judge Torres’ little role in the future developments within the XRP lawsuit, Fagel stated,
Neither party has filed to dismiss their appeals… but once they do (and they pretty obviously will), the district court’s ruling against Ripple goes into effect. There is nothing further for Judge Torres to sign off on.
Is the July 3 SEC Meeting Crucial for Ripple vs SEC Case?
With the SEC having scheduled a private meeting for today, rumors are circulating that the XRP lawsuit is about to take a major turn. However, Marc Fagel dismisses these rumors, asserting that the meeting is a routine weekly session.
According to Fagel, the SEC meeting is less likely to have an impact on the Ripple case. He wrote on X,
Very, very unlikely. The meeting agenda was set well before the district court ruled against vacating the injunction. It typically takes several weeks for a matter to get on the SEC agenda for a vote. Is it possible? Sure, anything’s possible. But would be very unusual.
Although Fagel predicts that the appeal dismissal and settlement in the Ripple vs SEC case may take weeks or even longer, he notes that an expedited process is also a possibility. The basis for his mention of an expedited process is that a prior vote for dismissal has already taken place. He noted, “The SEC approval process doesn’t happen overnight. It typically takes several weeks (or even months). It might be expedited, since they’ve already voted once before to dismiss the appeal).”
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Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
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