XRP lawsuit dismissal is due for an approval vote from the U.S. Securities and Exchange Commission (SEC).
A former SEC lawyer clarifies the impact of anti-crypto SEC Commissioner Caroline Crenshaw’s vote on dropping the appeal in the Ripple vs SEC lawsuit.
Notably, a vote by former SEC Chair Gary Gensler, along with new SEC Chair Paul Atkins and commissioners, shocked the XRP community.
Commissioner Caroline Crenshaw Keeps Gensler’s Influence in the US SEC
Sole Democratic SEC Commissioner Caroline Crenshaw is keeping Gary Gensler’s influence in the securities regulator alive.
For many months, Crenshaw continued to vote against approving crypto ETFs and other actions.
Experts, including Multicoin Capital Management general counsel Greg Xethalis, Crypto In America host Eleanor Terrett, and Bloomberg ETF analyst James Seyffart, criticized Crenshaw for upholding decisions once taken by Gensler-led SEC.
Xethalis highlighted Crenshaw using Rule 431 to undermine delegated authority and create uncertainty in the crypto market.
Also, the SEC’s website showing Gensler’s vote dated August 1, 2025, sparked concerns in the crypto community. However, legal experts cleared the air on Gensler not having the authority to make decisions now.
Lawyer Response to Pending SEC Vote to Drop XRP Lawsuit Appeal
Former SEC lawyer Marc Fagel replied to an X post asking who will vote for dropping appeals in Ripple vs SEC case.
He confirmed that only current commissioners can vote on enforcement recommendations.
Marc Fagel also stated that SEC Commissioner Caroline Crenshaw may vote against dropping appeals in the Ripple vs SEC lawsuit. However, other commissioners could vote in a 3-1 vote to approve dismissing the appeal.
Notably, Crenshaw was not the reason the SEC hasn’t dropped their appeal against Ripple. The SEC is expected to vote on its appeal dismissal before the August 15 deadline.
The community expects a scheduled SEC closed-door meeting on August 7 as the potential date the SEC commissioners may vote.
However, it is merely a speculation in response to several lawyers, including Bill Morgan’s, claim on vote approval before the SEC files its status report.
Notably, the SEC will file a status report in the 2nd Circuit Court by August 15 in response to its earlier decision to settle the lawsuit and drop its appeal.
As The Coin Republic reported, the $125 penalty is to remain in the escrow account until appeals are dropped.
The transfer will only happen once the lawsuit ends after the appeals dismissal, as confirmed by Ripple and the SEC.
XRP Price Action Shows Volatility
XRP price climbed more than 2% in the last 24 hours, with the price trading at $3 again at the time of writing. The 24-hour low and high were $2.92 and $3.02, respectively.
Trading volumes also dropped further by 28% over the past 24 hours. This indicates uncertainty among traders, staying away from the market.
CoinGlass data showed buying activity in the derivatives market. At the time of writing, total XRP futures open interest jumped nearly 4% in the last 24 hours.
Moreover, XRP futures OI on CME and Binance increased nearly 5% and 2% in the last 4 hours, respectively. This indicated bullish sentiment among derivatives traders despite low interest in the spot market.
Analysts predicted $3.03, $3.13, and $3.30 as the next short-term targets for XRP price.
