On July 12, 2024, prominent crypto figure Brett Hill (@Brett_Crypto_X) posted on X about a potential closed-door meeting in the U.S. Securities and Exchange Commission (SEC) headquarters on July 18, 2024.
Citing sources he deems reliable, Hill suggests this meeting could be connected to the ongoing legal battle between Ripple and the SEC.
Read Also: Ripple vs SEC Case: What To Expect Today and this Week
Brett Hill tweeted, “BOOOOOOOM! private executive meeting at their headquarters in Washington for this Thursday (18 Jul-24)! Reliable sources have informed us that this meeting is connected to the Ripple vs SEC resolutions and the finalization of the court case!”
This news comes amid the ongoing battle regarding the appropriate penalty for Ripple in the lawsuit. The SEC filed suit against Ripple in December 2020, alleging that XRP sales constituted unregistered securities offerings.
While a July 2023 court ruling clarified that non-institutional XRP sales were not securities offerings, the court determined that Ripple’s sale of XRP to institutional investors did fall under securities regulations. The lawsuit is currently in the remedies phase, focused on the appropriate penalty for these sales.
Initially, the SEC sought a hefty $1.95 billion settlement from Ripple. However, Ripple countered with a proposal of just $10 million, citing the lack of identifiable victims who suffered financial harm due to the alleged security offering.
Many legal experts agreed with Ripple’s stance, and a recent legal filing referencing the lawsuit against Terraform Labs hinted at a potential reduction in the penalty to $102.6 million. However, the SEC did not officially state this amount, and legal experts have since clarified that the SEC has not changed its stance on the proposed penalty.
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Read Also: SEC Highlights Lawsuit Key Date: What November 9 Meeting With Ripple Mean for XRP?
A Potential Settlement
The potential SEC meeting on July 18 has ignited speculation within the cryptocurrency community. Some believe it signifies a shift in the SEC’s strategy. The SEC may consider a revised settlement offer closer to Ripple’s proposed amount. Alternatively, the meeting could be a strategic planning session for the SEC to strengthen its case in the ongoing remedies phase.
For the XRP community, the resolution of this lawsuit holds significant weight. Many believe a favorable outcome for Ripple would remove the uncertainty surrounding XRP, potentially leading to an increase in price. Conversely, a prolonged legal battle or a large penalty could dampen investor sentiment and hinder XRP’s growth.
The coming days and weeks will likely provide more clarity on the SEC’s meeting and its likely impact on the lawsuit. Shortly after the anniversary of the ruling from July 2023, a potential settlement will be a major victory for Ripple, XRP, and the XRP community.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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