Did SEC Already Dismiss The Case Of Ripple?

• No. The SEC has not yet dismissed the case of Ripple.
• The lawsuit is still active in the appellate court.
• However, the latest developments, including the more favorable regulatory environment in the US, paint a bullish picture of the resolution of the case in favor of Ripple soon.

The Interwebs and social media platforms are currently rife with headlines that the US Securities and Exchange Commission (SEC) already dismissed the case it initiated against Ripple in December 2020. These reports come ahead of the litigants’ next scheduled engagement in the appellate court and during the pendency of Paul Atkins’ confirmation as chair of the regulatory body.

The truth of the matter is that the SEC and Ripple case is still ongoing. The lower court has already ruled on the subject, resulting in the declaration of XRP as a non-security asset, Ripple getting fined $125 million for the institutional sale of XRP, and the dropping of the charges against the company’s CEO Brad Garlinghouse and co-founder Chris Larsen. Despite that, the securities watchdog later elevated the suit to the Court of Appeals in an effort to overturn parts of the ruling that were favorable to Ripple.

SEC’s Official Website Removes Ripple Case

The retirement of Gary Gensler as SEC chair, the resignation and reassignment of other anti-crypto personalities within the agency, President Donald Trump’s nomination of a crypto advocate for its next chairman, and the creation of a Crypto Task Force led by crypto-friendly Commissioner Hester Peirce, among other developments, brought about renewed optimism that Ripple’s case may be nearing its end. Further fueling the crypto community’s sentiment was Trump’s positive agenda toward the digital assets sector and Ripple’s executives recently cozying up with the new US president and the first family. Add to these the confirmed attendance of Ripple at the upcoming CEO Forum of the Commodity Futures Trading Commission (CFTC).

Yesterday, the public also noticed the SEC’s removal of any mentions of the company under its “Litigation Releases” page. Again, this catalyzed a tidal wave of clickbaity headlines that the federal agency dismissed Ripple’s case. However, no official confirmation from both parties of the case exists about the issue.

Source: US SECThe window aims to give way to the Crypto Task Force’s ongoing efforts to establish regulatory clarity and reforms in the digital assets industry. The parties argued that the group’s findings and recommendations could have a bearing on the resolution of the case.

SEC Waiting for a New Chairman Before Laying Down Decision

On the other hand, several analysts are banking on the takeover of Atkins as SEC chair as the bearer of the good news in the Ripple case. Some sources familiar with the matter claimed that the agency is just waiting for the result of its new head’s confirmation before laying down its decision on whether to dismiss the Ripple case or proceed with it.

Furthermore, some are bullish that the SEC may dismiss the Ripple case ahead of the anticipated approval of spot XRP exchange-traded funds (ETFs) in the US.