Encryption analyst Phyrex posted on X platform, stating: "First of all, it needs to be clear that this rejection was applied by the SEC with the consent of both parties, which means that the SEC rejected its own application... It is believed that this is a comprehensive victory for Ripple, but this is not the case. This is only the SEC giving up the prosecution of two executives, and fines still need to be imposed."

Phyrex further stated that the SEC may still appeal: "Because Judge Torres has rejected the SEC's application for a quick appeal, the SEC can only wait for approval for an appeal, which will not happen until after April 2024. Before the SEC's appeal fails, it cannot be assumed that sales on exchanges are not securities, as in the case of Terra Luna (UST), where all sales were deemed to be securities."