Former SEC Official Breaks Silence on Ripple Case as Appeal Gets Dropped

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Oh, what a jolly day it is! The U.S. Securities and Exchange Commission (SEC) has decided to throw in the towel on its grand case against Ripple, like a child giving up on a game of hopscotch after a few too many tumbles! 🎉 Ripple’s very own captain, Brad Garlinghouse, took to the twittersphere on Wednesday to announce that the SEC has dropped this monumental crypto case. Can you believe it? I can hardly contain my giggles!

But wait, there’s more! The SEC has been on a bit of a legal diet lately, shedding several other lawsuits and investigations aimed at crypto companies. It’s like watching a magician pull a rabbit out of a hat, only to find out it’s a whole bunch of famous players in the crypto circus! 🐇 The current lineup includes the likes of Coinbase and Binance, who were both served with legal papers on the same day in mid-2023. And let’s not forget the looming threats against Robinhood, Uniswap, and the nonfungible-token marketplace OpenSea. What a tangled web they weave!

Now, let’s rewind to 2020, when the SEC decided to play the role of the big bad wolf and huffed and puffed at Ripple, claiming they had violated securities law by selling XRP without the proper paperwork. Oh, the drama! 🎭 This case was a real turning point for the crypto world, sending shivers down the spines of many a crypto enthusiast.

Former SEC official responds

Since the news broke, congratulations have been raining down on Ripple and the XRP community like confetti at a birthday party! 🎈 Even the big wigs in the crypto space have chimed in with their reactions. But what does the former SEC official, Marc Fagel, have to say about this delightful turn of events?

In a recent tweet, Fagel shared his thoughts on the timeline for an official decision, providing a peek behind the curtain of SEC operations. He said, “We don’t know exactly what was communicated between the SEC staff & Ripple, or how close the staff is to getting commissioner approval. Typically, it could take weeks or months, but I assume they’re closer to that and it could be approved in the days (at most weeks) ahead.” Sounds like a game of cryptographic charades, doesn’t it? 🤔

One curious X user asked Fagel about the expected timeline for an official SEC vote, wondering if they should expect a public announcement. Fagel, ever the sage, responded with a sprinkle of mystery: “We don’t know exactly what was communicated between the SEC staff and Ripple, or how close the staff is to getting commissioner approval. Typically, it could take weeks or months, but I assume they’re closer to that, and it could be approved in the days (at most weeks) ahead.” Oh, the suspense! 🎢

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2025-03-20 19:16