Summary
- Former SEC lawyer Marc Fagel stated that there will be no official announcement on the SEC dropping the Ripple (XRP) lawsuit.
- Although there will be no official announcement on the lawsuit, he mentioned that news can only be received through XRP.
- He added that while it generally takes weeks to months to drop a lawsuit, there is a possibility of receiving the chairman's approval within days or weeks.
Marc Fagel, a former lawyer for the U.S. Securities and Exchange Commission (SEC), stated on the 20th (local time) via X (formerly Twitter) that "there will be no official announcement regarding the SEC's dropping of the Ripple (XRP) lawsuit."
He continued, "Like the weekly closed meetings, the SEC generally does not make such announcements officially," adding that "news can only be received through the opposing party, XRP."
Furthermore, he said, "It is impossible to speculate on exactly what has transpired between the SEC and XRP, or how close the SEC's department is to obtaining the chairman's approval," adding, "It generally takes weeks to months, but the dropping of the XRP lawsuit might receive the chairman's approval in a matter of days or at most a few weeks."
Previously, Brad Garlinghouse, CEO of XRP, stated that the SEC would drop the appeal.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
