- The SEC has not filed a motion to dismiss the appeal, preventing Judge Torres from taking further action.
- Internal SEC procedures, including a required vote, typically take weeks and cannot be completed over a weekend.
- The case began before Gary Gensler’s tenure; current delays are unrelated to his involvement or leadership.
As anticipation builds within the XRP community over a potential Ripple and SEC settlement, legal experts say expectations for a resolution by July 14 are unrealistic. Former SEC regional director Marc Fagel addressed these rising rumors, stating that the commission’s internal review process makes any weekend decision virtually impossible. He confirmed that no motion is currently before Judge Analisa Torres, meaning she has no active role in the case at this time.
SEC Has Not Filed Motion to Dismiss Appeal
According to Fagel, the SEC has not filed a motion to dismiss the pending appeal. This step is necessary before the judge can resume jurisdiction. Without such a filing, the court has no authority to proceed with any ruling or agreement. Fagel also said that the process for SEC settlements typically requires an internal review and formal vote, which usually takes weeks, not days.
The speculation of a settlement before July 14 increased after a recent closed-door meeting by SEC officials. However, attorneys following the case say there’s been no formal indication that this meeting had anything to do with Ripple. Fagel said that without an internal vote or official dismissal filing, no legal movement can occur. This confirms that the agency is still within its standard procedures.
Fagel responded directly to social media chatter about a potential ruling or settlement over the weekend. He stated that the SEC does not finalize enforcement actions during weekends, citing the standard timeline for review. Enforcement recommendations usually take one to two months. This makes it logistically impossible for any settlement or ruling to happen before Sunday, July 14.
No Current Role for Judge Torres in the Ripple Case
Legal analyst James K. Filan has also said that Judge Torres has no jurisdiction at this point in the case. Until a motion is submitted or the appeal is withdrawn, her courtroom remains inactive. Fagel supported this position, confirming that the judge cannot proceed without a formal request from either party.
Addressing rumors about former SEC Chair Gary Gensler’s involvement, Fagel stated the Ripple lawsuit began before Gensler took office. The case was filed in 2020 under previous leadership. He said the decision to pursue the case had no connection to Gensler’s tenure or actions. With no pending motions, no appeal dismissal, and no SEC vote, legal movement in the case remains stalled. All current facts point to a timeline that extends beyond the July 14 date circulating online.
