Ripple vs SEC: Why the Appeal Still Hasn’t Been Dismissed

The Ripple vs SEC lawsuit remains unresolved, despite Ripple dropping its cross-appeal months ago. The Ripple appeal dismissal delay persists because the SEC has not yet officially withdrawn its own appeal, leaving XRP status in limbo.

Reports divulged that Ripple had abandoned its cross-appeal and paid its $125 million fine in cash. Everyone expected the long-running lawsuit with the U.S. Securities and Exchange Commission (SEC) to be wrapped up quickly afterwards. Instead, the Ripple appeal dismissal delay is frustrating XRP holders and crypto analysts.

A Joint Motion Puts the Appeals on Hold

In April 2025, both Ripple and the SEC filed a joint motion with the Second Circuit Court of Appeals to stay their appeals. This followed a broad agreement-in-principle to end the case, subject to SEC approval of the settlement. The court granted the request, putting deadlines on hold and requiring a status report within 60 days of the order.

That pause extended into June and later filings asked for more time up to August 15, 2025, pending an indicative ruling on the district court regarding modifications to the injunction and penalty terms

Ripple Moves, SEC Still Waiting

Ripple has already acted by dropping its cross-appeal and paid the penalty. With Ripple out of the active litigation, the ball is in the SEC’s hands. Legal experts say the SEC appeal dismissal delay is a process, not opposition.

Former SEC lawyer Marc Fagel, a Regional Director under prior administrations, explained that the SEC must follow its standard enforcement protocol. That includes writing staff action memos, division-level reviews, and a formal vote by commissioners, a process that takes one to two months to complete.

Fagel was clear saying,

“Nobody is holding up the case. Not the judge (there is nothing for her to decide), not the SEC (which has a standard procedure to follow, and will dismiss the appeal once the vote is taken)”.

Debunking Rumors: There Is No Fourth Vote

Online rumors claimed the SEC had held multiple secret, closed-door votes; some said a “fourth meeting”. Those have been debunked. Fagel says there’s only one vote to dismiss the appeals and it hasn’t happened yet.

Fagel says the public’s assumption of a secret meeting is based on misreading the SEC’s weekly meetings, which follow the same agenda and rarely touch individual enforcement cases like Ripple’s.

Why This Matters to XRP and the Crypto Market

Until both parties officially withdraw their appeals, Judge Analisa Torres’ ruling is not final. That ruling partially exonerated programmatic XRP sales to retail investors while finding institutional sales were violations. Institutional clarity and market confidence hinge on finality.

Companies and regulators wait for legal clarity before introducing XRP-related products. A dismissed appeal could open the door to wider adoption and institutional use, but until then, big decisions are on hold.

Investor sentiment is also affected. Rumors of secret meetings or backroom votes cause price volatility and confusion. Fagel’s commentary aims to bring perspective and shine a light on the slower pace of regulatory litigation. 

Conclusion

Based on the latest research, the Ripple appeal dismissal delay is not because of secret agendas or prosecutorial stonewalling, but the slow march of bureaucratic process. Ripple has done its part by dropping its cross-appeal and fulfilling its penalty.

Now the SEC has to do its part; it needs to complete its multi-step internal review and get a commissioner’s vote to lift its appeal. With the August 15, 2025 deadline approaching, the industry waits for clarity.

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Summary

Ripple has dropped its cross-appeal and accepted the judgment. The SEC is silent publicly, still working through its internal process that has to unfold before the appeal can be officially dismissed. This is the reason for the Ripple appeal dismissal delay; not stalling, but process.

FAQs

Why has the SEC’s appeal not been dismissed yet?

Because the SEC has to go through their enforcement protocol; writing action memos, internal division reviews and getting commissioner approval via a formal vote, which takes about 1-2 months.

Has Ripple already dropped its part of the case?

Ripple has filed a motion to dismiss its cross-appeal and paid the fine. What’s left is the SEC’s internal process to clear its own appeal.

Are there secret meetings delaying the case?

No. Claims of multiple closed-door meetings about Ripple are unfounded. Fagel confirms that SEC meetings do not equate to appeal actions and only one vote is required; which hasn’t happened yet.

What’s the significance of August 15, 2025?

That’s the deadline both parties agreed to file a joint status update on the indicative ruling motion. If the SEC has approved internally by then, further steps to dismiss can begin.

Glossary

Abeyance: A pause in proceedings while things are sorted out.

Cross-appeal: When both parties appeal parts of a decision.

Indicative ruling: A non-binding decision on procedural modifications.

Commissioner vote: An internal SEC vote for formal enforcement actions or appeal dismissals.

Action memo: A staff document outlining proposed legal steps for commissioner review.

Sources

The Currency analytics

The Street

CoinGape.

Coin Engineer.

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