Former SEC lawyer Marc Fagel clarifies the situation regarding the SEC lawsuit against Ripple, including the judge's role and possible timelines for resolution.
Role of Judge Analisa Torres
Marc Fagel stated that Judge Analisa Torres is no longer involved in the proceedings, and her earlier ruling against Ripple remains in effect. He noted that once the parties withdraw their appeals, her ruling will take effect. 'The parties can drop their appeals, at which time her order against Ripple takes effect. Judge Torres has no further role in this,' he emphasized.
Significance of the SEC Meeting
Fagel also commented on the recent SEC private meeting held on July 3. He expressed doubt that it would lead to an immediate decision on the Ripple case, describing the meeting as a typical part of the agency's weekly schedule. 'Very, very unlikely. The meeting agenda was set well before the district court ruled against vacating the injunction,' he explained.
Timing of Appeal Dismissals and Settlement
Fagel pointed out that while both parties are likely to withdraw their appeals, the process may take several weeks or longer. 'The SEC approval process doesn’t happen overnight. It typically takes several weeks (or even months),' he cautioned.
Fagel's analysis clarifies that Judge Torres will not take further actions, and the appeal dismissal process may take time despite the likelihood of a settlement.
