Expert: Misinformation Clouds SEC-Ripple Appeal Dismissal
The U.S. Securities and Exchange Commission (SEC) and Ripple have filed a joint stipulation to dismiss their cross-appeals in the Second Circuit. Prominent attorney Bill Morgan calls the filing a formality but warns that misinformation is spreading about Judge Torres issuing a “final order.” In reality, Judge Torres has had no authority since rejecting an indicative ruling months ago. Any dismissal now depends solely on the Second Circuit’s approval of the stipulation. Once granted, the appeals will be terminated without a new district court order. Morgan and attorney James K. Filan emphasize that the procedural next step lies with the appellate court. The clarification aims to curb misleading posts and confirms that both SEC and Ripple intend to close this chapter in their long-running legal battle. No final district court decision is pending.
Neutral
This procedural update clarifies the SEC-Ripple legal timeline without delivering a substantive judgment. Traders benefit from reduced uncertainty, but no immediate catalyst emerges since the Second Circuit must still approve the joint dismissal. Similar past filings (e.g., early 2024 stipulations) generated limited price movement until a definitive court ruling. In the short term, XRP is unlikely to see significant volatility based solely on this formality. Long term, formally ending the appeals process is positive, but market impact depends on the appellate court’s approval date. Overall, the news neither adds nor subtracts immediate momentum, making its market effect neutral.