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The Ripple vs SEC case, one of the most watched legal battles in the crypto industry, is once again under scrutiny—this time due to a delay in the anticipated settlement. With many in the XRP community speculating about what might be behind the holdup, securities lawyer and former SEC regional director Marc Fagel has stepped in to provide clarity.
Rather than secret negotiations or stalling tactics, Fagel asserts that the delay is entirely due to internal procedures within the U.S. Securities and Exchange Commission. These include the drafting of action memos, division-level reviews, and the scheduling of a formal vote by SEC commissioners. According to him, these standard bureaucratic steps are simply taking time.
No Secret Negotiations Behind the Scenes
The XRP community was on high alert after a closed-door SEC meeting on July 17 did not yield any public decision related to the Ripple case. This led to a wave of speculation online, with many assuming that ongoing negotiations were dragging out the timeline.
Fagel, however, dismissed this theory. In a post on social media, he wrote, “That’s not the cause for delay.” He elaborated that staff at the SEC must first prepare an action memo, which then has to be reviewed internally before being placed on the commissioners’ voting calendar. He emphasized that this is a normal part of SEC enforcement procedure and doesn’t indicate any new stalling.
Fagel also took the opportunity to push back on some of the misinformation circulating online, quipping, “Please, keep lecturing a former senior SEC official about SEC procedures,” in response to continued speculation.
Judge and SEC Not Blocking the Case
Fagel also reminded the community that neither Judge Analisa Torres nor the SEC is intentionally delaying the outcome. “Nobody is holding up the case,” he noted in an earlier comment, reaffirming that the current pause is part of the system’s natural pace.
This isn’t the first time Fagel has tried to steer the conversation away from theories and back toward legal facts. With a background in SEC enforcement, he remains one of the more reliable voices explaining the real-time process behind the scenes.
SEC’s Weekly Private Meetings Don’t Impact Case Timing
Another element fueling community speculation was the SEC’s regular Thursday meetings. After July 3, many in the XRP community expected a breakthrough decision might come during these sessions. However, Fagel has clarified that these closed-door meetings are routine and carry the same public agenda each week.
He pointed out that placing an item like Ripple’s appeal dismissal on the meeting calendar can take up to two months. “Anyone claiming to know exactly when this will happen is lying,” he stated bluntly.
In other words, while these meetings may be exciting on the surface, they’re unlikely to provide any immediate movement on the case.
$125M Penalty Payment Doesn’t Equal Settlement
Amid all the debate, another detail has surfaced: Ripple has already paid a $125 million penalty to the SEC. Some had hoped this would accelerate the end of the case, but Fagel stressed that the payment was made in cash and doesn’t represent a final resolution. The true conclusion depends on the appeal process playing out, which is still pending.
The idea that the penalty payment might shortcut the rest of the legal process is, according to Fagel, overly optimistic. “The case doesn’t end just because a fine was paid,” he stated, reinforcing that Ripple’s legal journey is still ongoing.
Community Growing Restless
While Fagel continues to offer a grounded, procedural explanation for the delay, the XRP community remains restless. Many had hoped for a quicker resolution following Judge Torres’ earlier rulings and Ripple’s willingness to pay penalties.
But as of now, the legal machinery is still moving at its usual pace—slow, methodical, and bound by process. With no clear timetable available, XRP holders and Ripple supporters are left waiting once again, hoping for a definitive outcome in the near future.
Whether the next major update arrives in weeks or months, one thing is clear: according to legal insiders like Fagel, this case is being shaped not by backroom deals, but by standard regulatory steps that can’t be rushed.
