The XRP community is on high alert while the legal battle Ripple vs US Securities and Exchange Commission (SEC) is heading to what could be a decisive step on August 15. The date could mark the official end of the trial which has benefited from XRP since 2020. However, despite the excitement, there is always confusion on the next steps and if each party has dropped their respective calls.
In the days preceded on August 15, a supporter of Ripple published publicly CEO Brad Garlinghouse on the legal approach of the company. More specifically, the user wondered when Ripple abandoned his plans against the dry and why Paul Atkins has not yet completely rejected the case.
A former dry lawyer responds
Marc Fagel, a former SEC lawyer, responded to the conversation by explaining that neither undulation nor the dry have yet abandoned their appeal. According to him, the process implies that the dry votes internally to reject its appeal first.
After that, the two parties will deposit the documents required before the court to officially withdraw their calls. These deposits will be publicly visible on the file of the court once submitted.
$ 125 million penalty status
Fagel also addressed the question of the penalty of $ 125 million agreed to pay. The amount has already been paid in cash and is held in receivership. Once the dismissal process is completed, funds should be transferred to the US Treasury.
When someone asked if the XRP tokens could be used to pay the penalty instead of money, Fagel said it was not possible. He said that the modification of the payment method would require a court order, and none of the parties may pursue such a request at this stage.
What to expect then
Once the SEC has officially moved to abandon its call, Ripple should do the same. After that, the two parties will submit documents to close the case. Although the SEC is not required to make a public declaration, the court documents will confirm the final result.
