TLDR
- Marc Fagel confirmed that the SEC has not held any closed-door meetings about the Ripple appeal.
- Ripple has taken steps to withdraw its cross-appeal in the ongoing Ripple vs SEC case.
- The SEC must still complete its internal review and hold a formal vote to withdraw its own appeal.
- Fagel explained that the SEC only votes once on whether to drop an appeal and that vote has not occurred yet.
- The final court ruling in the Ripple vs SEC case cannot stand until both parties officially withdraw their appeals.
The legal proceedings in the Ripple vs SEC case continue as misinformation spreads across social platforms. Former SEC official Marc Fagel clarified that no internal vote on withdrawing the SEC’s appeal has occurred. He also confirmed that speculation about four closed-door meetings lacks any factual basis and misrepresents standard legal procedure.
Ripple recently confirmed its move to withdraw its cross-appeal, signaling readiness to end its side of the legal dispute. However, the SEC has yet to issue any formal statement or filing on its own withdrawal. The case remains active, with final resolution pending regulatory review and commissioner approval from within the SEC.
Fagel, responding to posts online, explained that any vote to dismiss an appeal occurs once and only after review. He further stated that the SEC’s internal agenda is confidential, so no external party can confirm vote status. Therefore, any public claim of a concluded vote remains unfounded and speculative.
They have not held four closed door meetings on the appeal.
— Marc Fagel (@Marc_Fagel) July 28, 2025
Ripple Prepares for Conclusion While SEC Holds Internal Review
Ripple took a step toward closing the Ripple vs SEC litigation by submitting notice to withdraw its appeal. This move indicates its intent to finalize the court’s ruling without further challenge. Yet, for the entire decision to stand, the SEC must also withdraw its appeal.
The SEC is still conducting an internal review of the proposed withdrawal in accordance with enforcement procedure. Commissioners must formally vote before the agency can take any action in court. This standard process applies in all enforcement cases involving regulatory decisions.
Fagel emphasized that such internal decisions are rarely quick and often extend for weeks or months. The enforcement staff does not have authority to act independently without commissioner’s approval. Thus, the timeline remains uncertain until official filings confirm the agency’s stance.
Public Assumptions and Misstatements Spark Confusion
Social media users speculated that the SEC held multiple closed-door meetings related to the Ripple vs SEC appeal. Fagel firmly rejected this narrative, pointing out that only one such meeting is required. He added that no meeting has occurred yet, as the final vote is still pending.
Earlier assumptions also suggested that both sides reached a weekend settlement before July 14, but this did not materialize. Fagel clarified that there was no evidence supporting such claims and called them premature. Legal timelines follow internal rules, not online predictions.
Critics noted Ripple‘s language in its withdrawal statement may have confused. By implying that the SEC agreed to withdraw, the statement appeared misleading. Legal experts argued that it would have been more accurate to say the staff recommended withdrawal.
Ripple vs SEC Decision Still Awaits Final Confirmation
The Ripple vs SEC case cannot reach finality until both appeals are officially withdrawn through proper legal filings. While Ripple has already acted, the SEC’s next step is pending a vote. Only after this vote can the court receive formal notice from the agency.
Fagel outlined that this delay aligns with regular procedures in enforcement actions. Commissioners require thorough documentation and legal assessments before reaching decisions. This internal control ensures consistency but slows resolution.
