As speculation builds around the August 15 deadline in the Ripple vs. SEC case, legal expert Bill Morgan has clarified a point many in the XRP community are missing.
In a statement on social media, Morgan stressed that the U.S. SEC is under no formal obligation to withdraw its appeal by that date.
What to Expect by August 15
Morgan emphasized that while many expect key developments around mid-August, there is technically no official deadline for the SEC to withdraw its appeal in the Ripple lawsuit.
Instead, August 15 marks the due date for a joint status update to be filed with the court handling the appeal. It simply requires the SEC to “report to the appeals court” by that date. This could involve a withdrawal, a request for more time, or another procedural update, the lawyer clarified.
Essentially, while the SEC may not be bound to withdraw the appeal, it must still take some form of action or provide a report by August 15. This makes the date functionally important, even if it doesn’t guarantee a resolution.
Nonetheless, Morgan suggests that the next two weeks are likely to bring some clarity to the case.
Ripple and SEC Failed Attempt to Revise Earlier Ruling
For context, until this August deadline, the SEC and Ripple had made significant efforts to revise the final ruling delivered by Judge Analisa Torres in August 2024.
The parties have agreed to new settlement terms that include dismissing the court’s injunction prohibiting Ripple’s future institutional sales, and a reduced fine from $125 million to $50 million.
They had earlier sought a 60-day break from the appeals court to pursue this revised settlement, which ended in June. Meanwhile, Ripple and the SEC had to seek further extension, which now ends in August. However, the parties have not been successful in securing the desired judgment.
In particular, the judge found no significant grounds to alter the earlier judgment, denying their motion. She ruled that relief from the pronouncement could only come via establishing an exceptional case, which they failed to establish, or through an appellate court ruling.
With the deadline for an update to the appeals court approaching, the XRP community interpreted August 15 as a date for a settlement announcement. However, Morgan’s insights inject a note of caution into those expectations.
Ripple CEO’s Comment
Meanwhile, speculation about the end of the years-long legal battle also took root from statements by Ripple CEO Brad Garlinghouse.
Last month, following the court’s denial, Garlinghouse expressed that the company is no longer interested in pursuing further court drama. He stated that the company would be withdrawing its appeal for good and would focus on more important matters.
Garlinghouse also noted that he expects the SEC to also withdraw its appeal. However, this remains pending. Now, all eyes are on August 15 to see what comes next for the nearly five-year lawsuit.
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