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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Why an XRP Deal Over the Weekend Is Unrealistic

Taking to social media platform X, Fagel addressed growing rumors that Judge Analisa Torres could issue a ruling over the weekend. His response was firm:

“Nothing gets resolved over the weekend. There’s a process involved.”

According to Fagel, SEC enforcement actions usually take one to two months for internal review and voting before any formal action is taken. Additionally, for a court decision or a mutual settlement between the parties, several official steps must be completed — making a quick outcome improbable at this point.

Judge Torres Has No Current Jurisdiction

Fagel also highlighted an important legal point: Judge Torres currently has no active authority over the Ripple case. Legal expert James K. Filan previously echoed this sentiment, noting that there is no pending motion before her, which means she’s not in a position to issue a decision at this stage.

SEC Hasn’t Filed for Dismissal Yet

As Fagel explained, the SEC has not yet filed a motion to dismiss the case. Although the appeal window has now closed, any dismissal still requires a formal internal vote within the SEC. Only after that, both parties would need to jointly file a request to withdraw the case from court — a process that typically takes several weeks, not just a few days.

Why July 14 Became a Focus

The July 14 speculation originated from theories that Ripple aimed to align the lawsuit’s end with the rollout of the ISO 20022 financial messaging standard. But Fagel firmly denied any link between the lawsuit and that timeline, stating there’s no evidence of a pre-planned settlement connected to ISO updates.

Gensler Has No Ties to the Lawsuit’s Origin

Another circulating rumor was that former SEC Chair Gary Gensler played a role in the decision to sue Ripple. Fagel dismissed this entirely, pointing out that the lawsuit was initiated in 2020, before Gensler assumed office. He added that if investors suffered financial losses, Ripple, not the SEC, should be held accountable for allegedly offering unregistered securities.

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The post When Will the XRP Lawsuit End? Former SEC Attorney Weighs In appeared first on Coin Engineer.