Another week, another set of rumors surrounding the long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC). This time, social media buzzed with claims that the SEC had held its fourth secret, closed-door meeting to discuss Ripple’s appeal. The post further said that this delay could affect the chances of an XRP spot ETF approval. Others say that if the SEC drops the appeal, XRP might see a major breakout.
Former SEC lawyer Marc Fagel stepped in to set the record straight. Responding to the viral claim, Fagel clarified that no such fourth closed-door meeting on the Ripple appeal had taken place. According to him, the case is currently in the hands of the Court of Appeals, not the SEC commissioners. Earlier, the SEC had requested Judge Analisa Torres to reconsider her decision in the case, but she declined.
So, what’s causing the delay?
Fagel explained that both Ripple and the SEC have appealed different parts of the ruling. The SEC appealed the part they lost, and Ripple cross-appealed the portion they disagreed with. In order for Judge Torres’s ruling to take full effect, both parties must dismiss their respective appeals. While Ripple may be ready, the SEC has to go through an internal approval process before it can officially withdraw.
What’s Taking So Long?
This is not unusual. According to Fagel, the SEC follows this review process in every case that reaches court. For investigations that don’t go to court, the process is faster because staff can close them without getting approval from the SEC commissioners.
For Ripple and XRP holders, this waiting period may be frustrating. While the delay could affect ETF progress, it is simply a part of the legal process. If both sides decide to withdraw their appeals soon, the judge’s ruling will become final. That could finally bring some clarity to the case and open the door for future developments in XRP’s journey.
