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Key Takeaways:
- Rumors of a secret fourth SEC meeting about Ripple’s appeal have been debunked by ex-SEC attorney Marc Fagel.
- The delay is due to ongoing cross-appeals from both Ripple and the SEC, not internal stalling.
- Final clarity will come only if both sides dismiss their appeals, potentially paving the way for XRP ETF discussions.
Another week brings another wave of speculation surrounding the high-stakes legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The latest rumor to catch fire on social media claimed that the SEC held a fourth secret, closed-door meeting to discuss the Ripple case—possibly stalling XRP’s chances for a spot ETF. But according to former SEC lawyer Marc Fagel, that rumor doesn’t hold water.
No Closed-Door Meeting, Says Ex-SEC Attorney
Marc Fagel, a former SEC regional director, responded directly to the viral claim and dismissed the speculation. He stated that no fourth closed-door meeting about the Ripple appeal had taken place and clarified that the case is currently in the hands of the Court of Appeals, not the SEC commissioners.
Earlier, the SEC had requested Judge Analisa Torres to reconsider her decision in the case, but she denied the motion. Since then, both the SEC and Ripple have filed separate appeals—each challenging parts of the judge’s ruling.
Why the Delay?
According to Fagel, the delay in finalizing the case stems from the appeals process itself. The SEC is appealing the portion of the ruling it lost, while Ripple is cross-appealing the part it disagrees with. For Judge Torres’s ruling to take full legal effect, both parties must dismiss their respective appeals.
Fagel noted that while Ripple may be ready to proceed, the SEC must follow its internal review protocol before it can formally withdraw. “This is a standard part of the SEC’s legal process,” Fagel said, noting that cases which don’t reach court often resolve faster due to fewer bureaucratic hurdles.
Impact on XRP ETF Hopes
The ongoing legal uncertainty has led some in the community to speculate that the delay could hurt XRP’s chances of securing a spot ETF. On the flip side, others argue that a dropped appeal could ignite a breakout in XRP’s price and market activity. But for now, progress remains stalled.
Also Read: Ripple vs. SEC Will Not Drag Into 2026, Says Legal Expert — Here’s Why
Legal Process, Not Conspiracy
While the rumors of secret SEC meetings may stir social media excitement, legal experts like Fagel emphasize that the current pause is procedural, not political. Until both Ripple and the SEC resolve their appeals, the case—and its wider implications for XRP—remains in limbo.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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