Another week, another series of rumors around the long -term legal battle between Ripple and the US Securities and Exchange Commission (SEC). This time, social media zoomed from Claims that the SEC had held its fourth secret, closed-door meeting to discuss Ripple’s profession. The function further said that this delay could influence the chances of an XRP spot -ATF -Good inspection. Others say that if the SEC drops the attraction, XRP might see a big outbreak.
Former SEC lawyer Marc Fagel stepped in to rectify the record. In response to the viral claim, Fagel clarified that such a fourth closed door meeting on Ripple’s profession had not taken place. According to him, the case is currently in the hands of the Court of Appeal, not the SEC commissioners. Earlier, the SEC Judge Analisa Torres had asked to reconsider her decision in the case, but she refused.
So what causes the delay?
Fagel explained that both Ripple and the SEC appealed against different parts of the ruling. The SEC appealed against the part that they lost and Ripple appeared the part with which they did not agree. In order to fully in force the decision of Judge Torres, both parties must reject their respective appeal. Although Ripple may be ready, the SEC must go through an internal approval process before it can officially withdraw.
What does it take so long?
This is not unusual. According to Fagel, the SEC follows this assessment process in every case that the court reaches. For investigations that do not go to court, the trial is faster because staff can close them without getting the SEC commissioners.
This waiting time can be frustrating for Ripple and XRP holders. Although the delay can influence the progress of the ETF, it is simply part of the legal process. If both parties decide to withdraw their appeal, the judge’s decision becomes final. That could finally bring some clarity in the business and open the door for future developments in the journey of XRP.