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- Former SEC official Marc Fagel says internal approval on the Ripple case could be just days away.
- SEC typically avoids public announcements, but Ripple’s case has followed an unusual pattern.
- Fagel says the acting SEC Chair is not delaying decisions despite upcoming leadership shifts.
Ripple Labs and the U.S. Securities and Exchange Commission face an approaching formal closure of their legal dispute with pending SEC internal approvals, which seem imminent. Former SEC regional director Marc Fagel believes commissioner sign-off on the case is currently happening.
A detailed thread on X (formerly Twitter) sees Fagel address broad interest in the Ripple case as SEC sources suggest the agency will drop the matter. The communication between Ripple and SEC staff remains undisclosed by Fagel, but he observes that key internal motions toward this case conclusion are progressing steadily.
According to Fagel, the available information does not reveal the details of SEC staff discussions with Ripple, nor does it reveal the progress of their current level of commissioner authorization. The typical length of approval is weeks or months, yet I believe SEC staff members are near the deadline because the decision process should finish within days or weeks.
An update regarding the lawsuit emerged due to extensive online discussions about its recent shift. Ripple Laboratories Inc. faced a December 2020 complaint from the SEC regarding XRP token sales, which lacked registration as a security. The legal dispute between Ripple and the SEC is the center of attention while Americans debate cryptocurrency regulation within the United States.
Unusual Process Raises Questions About SEC’s Next Steps
Fagel stated that the typical SEC practice for settlement discharges is performed without making public statements. He commented that it is unusual for the SEC to publicly announce dismissals because the usual process involves seeing the Second Circuit filing or Ripple issuing an announcement. The complete abnormality of this situation causes an unusually challenging prediction process that exceeds SEC’s traditional practices.
Fagel denied that the considered SEC appointment of Paul Atkins constitutes any impact on the regulatory review process during his interaction with a platform user. He stated that the acting Chair has shown no signals toward delaying essential (unfavorable, according to his view) transformations.
Various crypto firms have drawn intensive SEC attention because of its recent enforcement actions. The Ripple development reveals a possible regulatory turn because lawsuits against Binance and Coinbase have been filed or suspended, and multiple legal challenges have been resolved.
Ripple and its supporters wait for the completion of this over four-year-long legal battle as the SEC prepares for an official decision at the commissioner level. The last steps still follow established procedures, yet former regulatory agents predict this case will end ahead of schedule.
Also Read: Ripple Case Nears Conclusion as SEC Sources Indicate Key Developments
