The XRP community is abuzz with rumors of a potential Ripple vs SEC settlement before July 14th. However, prominent lawyer Marc Fagel has poured cold water on these speculations, stating that a weekend resolution is highly unlikely. Despite the anticipation and anxiety within the community, Fagel emphasizes that it is premature to expect any immediate developments in the case.
The lack of response from the SEC following Ripple’s dismissal request has only added to the uncertainty. While there has been talk of a closed-door meeting within the SEC, legal experts caution against jumping to conclusions. Fagel, in particular, has urged caution and highlighted the lengthy internal review process that the SEC typically undergoes before reaching a decision.
Addressing the rumors surrounding Judge Analisa Torres potentially delivering a ruling or approving a settlement over the weekend, Fagel dismissed such notions. He explained that enforcement recommendations typically take several weeks to months for thorough review and formal approval by the SEC. With Judge Torres currently lacking jurisdiction over the Ripple case and no pending motions before her, a quick resolution before July 14th seems improbable.
Fagel also highlighted the fact that the SEC has yet to file a motion to dismiss the appeal, further complicating the timeline for any potential settlement. As the appeal window has closed, the onus is now on the SEC to internally vote on the case and for both parties to formally request a withdrawal. These procedural steps make a weekend settlement highly unlikely.
The speculation surrounding the July 14th date originated from theories suggesting that Ripple may have intended to end the lawsuit in March to coincide with ISO 20022 updates. However, Fagel refuted these claims, stating that there is no concrete evidence linking the case developments to external standards like ISO.
Furthermore, Fagel dismissed any association between Former SEC Chair Gary Gensler and the decision to pursue the Ripple lawsuit. He clarified that the case was initiated in 2020, before Gensler assumed office, and argued that if investors suffered losses, Ripple should be held accountable for allegedly selling unregistered securities, not the SEC.
With Judge Torres currently unable to make any rulings and the SEC’s internal processes still ongoing, a resolution or settlement before July 14th appears highly unlikely. The XRP community will have to wait patiently for further developments in the case.