Why Is Ripple Vs SEC Settlement Delaying?

The Ripple vs SEC case has taken another significant turn with securities lawyer Marc Fagel’s settlement delay claims sparking a heated debate. Dismissing rumors of ongoing negotiations between the SEC and Ripple, Fagel revealed the internal procedures that may be driving the delay.

What Delays the XRP Lawsuit Settlement?

Amidst anticipation of the XRP lawsuit settlement, a new twist emerged regarding the possible reasons behind the delay. After the July 17 closed-door meeting failed to yield the expected outcome, the community began scrutinising the reasons behind the delay.

Meanwhile, Marc Fagel dismissed speculation that ongoing negotiations between the SEC and Ripple are driving the delay, despite previous agreements between the two parties. In an X post, “That’s not the cause for delay.” He further shed light on the potential cause of the XRP lawsuit settlement delay, citing internal SEC procedures, including drafting action memos, division reviews, and scheduling commissioner votes, as the likely culprit. His statement read,

That’s not the cause for delay. The staff needs to draft its action memo. It needs to be reviewed by the divisions and calendared for a commissioner vote. But please, keep lecturing a former senior SEC official about SEC procedures.

Previously, as reported by CoinGape, Fagel dismissed rumors that Judge Torres or the SEC was delaying the case. He noted, “Nobody is holding up the case.” His latest tweet reiterates the idea that the settlement is delayed due to internal procedures, not deliberate actions.

What SEC’s Private Meeting Means for Case?

As speculations of the XRP lawsuit settlement escalate following Ripple’s dismissal of the appeal, all eyes are on the SEC’s closed-door meetings. Since the July 3 meeting, the community has been expecting a positive outcome for the Ripple vs SEC case. Despite these speculations, Fagel stood firm in his claim that the meeting had no implications for the case. According to him, the SEC’s private meeting was a routine weekly session.

Reiterating his previous stance, he wrote,

There was no basis to believe dismissing the Ripple appeal was on yesterday’s calendar. It can take 1-2 months to calendar an SEC enforcement vote, and anyone claiming to know exactly when this will happen is lying.

Further, Fagel added that the SEC has a closed-door meeting every Thursday with the same public agenda. Nonetheless, the community’s anticipation for an earlier resolution remains high, despite Fagel’s pragmatic outlook.

In another related update, Fagel argued that Ripple has already paid the $125 million penalty in cash, rather than XRP. He added that this move couldn’t conclude the case as the settlement hinges on the appeal. This notion further supports Fagel’s argument that there are no other causes for the XRP lawsuit’s delay.

Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.

Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.

Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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