Yeliz Akmaca 
The ongoing lawsuit between Ripple and the U.S. SEC has yet to reach a conclusion, leaving the XRP community increasingly curious about the reasons behind the delay. Former SEC official Marc Fagel has made notable remarks, shedding light on what’s really causing the holdup in the high-profile case.
In a detailed post on social media platform X, Fagel explained that internal SEC procedures, rather than any ongoing negotiations, are behind the delay. According to him, drafting action memos, reviewing them through internal divisions, and scheduling commissioner votes are standard steps that take time. “That’s not the cause for delay,” he wrote, dismissing speculations of secret talks between Ripple and the SEC.
SEC’s Bureaucratic Process Slows Ripple Lawsuit
Fagel made it clear that the delay stems from bureaucratic obligations. The process begins with preparing an action memo, which then must be reviewed by relevant departments. Only after this review can it be placed on the calendar for a commissioner vote. This sequence, he noted, may take 1 to 2 months.
Following the closed-door meeting on July 3, the community expected significant progress. However, no decision came out of the July 17 session either. Fagel emphasized that these meetings are routine weekly events with no direct link to the Ripple case.
He also debunked rumors blaming Judge Torres or the SEC for intentionally stalling the process. “Nobody is holding up the case,” he said. Furthermore, he clarified that Ripple’s $125 million fine was paid in cash, not in XRP, and this does not signal the end of the case. The final resolution still depends on the SEC’s appeal status.
Hope for a Quick Settlement Might Be Premature
Despite Ripple dropping its appeal, which sparked hope for a swift resolution, Fagel remains skeptical. He warned the community against believing anyone claiming to know the exact timing, reiterating that no one truly knows when a settlement vote will be scheduled.
In summary, the delay in the Ripple vs SEC case is not due to reluctance or negotiation tactics but rather the standard operational timeline within the SEC. The XRP community continues to wait for clarity, but expectations of a quick conclusion may be overly optimistic.
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