The long-standing legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) has entered a new phase. Recently, rumors spread online that the SEC held its fourth closed-door meeting regarding Ripple's appeal, raising concerns about potential delays in XRP spot ETF approval. Some expected XRP to surge significantly if the SEC withdraws its appeal. However, these claims were found to be untrue.
Marc Fagel, former SEC counsel, confirmed that the closed-door meeting did not actually take place. He explained, "The current case is under the jurisdiction of the appellate court, not the SEC," and "The SEC has already requested the dismissal of the appeal, but Judge Torres has officially rejected this." The case currently depends on the court's decision, with the SEC's influence being limited.
The current delay is not simply a political intention, but a result of both sides appealing contradictory parts of the ruling. The SEC is appealing some of the parts they lost, while Ripple is appealing the unfavorable sections. Marc Fagel stated, "For Judge Torres's ruling to be finalized, both sides must simultaneously withdraw their appeals," adding that "Ripple is prepared, but the SEC is going through internal committee approval procedures, which will take time."
The SEC's internal approval procedure is a standard process for all litigation cases. While individual employees can conclude non-litigation investigations, committee approval is essential for cases that have become lawsuits. This Ripple case is merely being delayed by the same procedure and does not represent a special variable.
XRP investors and the market overall are hoping both sides will quickly withdraw their appeals to finalize the ruling. If this occurs, subsequent measures such as XRP spot ETF approval or price recovery could proceed smoothly. The court's final ruling could be a turning point for the Ripple ecosystem. Patience seems necessary at this moment.
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