The U.S. Securities and Exchange Commission (SEC) has rescheduled its closed-door meeting which was meant to hold July 18, 2024.
A prominent crypto figure revealed that trusted sources had informed him that the meeting would address matters related to the lawsuit with Ripple, and speculation about a potential settlement filled the market.
According to the SEC’s official release, the rescheduled meeting will address matters related to the institution and settlement of administrative proceedings, resolution of litigation claims, and other enforcement matters.
While the SEC’s agenda does not explicitly mention any specific case, the timing of the meeting has renewed speculation within the cryptocurrency community that the agency may be considering a settlement with Ripple.
🚨BREAKING: The SEC's Settlement meeting will take place on July, 25, 2024!
Pro #XRP lawyer says: "The case could end by the end of July 2024." pic.twitter.com/k5y73Vv8Q4
— JackTheRippler ©️ (@RippleXrpie) July 19, 2024
JackTheRippler (@RippleXrpie), a prominent community figure who shared the news on X, quoted an anonymous pro-XRP lawyer, writing, “The case could end by the end of July 2024.”
The Current State of the Lawsuit
The SEC filed a lawsuit against Ripple in 2020, alleging that the company sold unregistered securities in the form of its XRP token. The lawsuit could have far-reaching implications for the regulatory landscape of digital assets, and cryptocurrency investors are closely watching its progress.
In July 2023, the court ruled that XRP is not a security and non-institutional XRP sales do not constitute securities offerings. However, institutional sales do, and the lawsuit is in the remedies phase to determine the appropriate penalty for Ripple’s violation of securities laws. Although the SEC Initially requested a $1.95 billion penalty, Ripple countered this, arguing that the penalty should not exceed $10 million.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The SEC’s Upcoming Meeting
The SEC’s closed-door meetings are for sensitive matters, such as investigations and potential enforcement actions. The commission is not required to disclose the specific topics covered during these meetings. However, the agenda of the meeting has generated significant interest and scrutiny.
If the SEC and Ripple settle, it would mark a significant development in the case and could potentially signal a shift in the SEC’s approach to crypto regulation. SEC Chair Gary Gensler has been heavily criticized for his lawsuit-heavy approach to crypto regulation in the U.S., as this approach has stifled innovation and put the U.S. behind the rest of the world in cryptocurrency adoption.
However, it is important to note that there is no guarantee that a settlement will be reached and the case could continue through the legal process. As the July 25 meeting approaches, market participants will closely monitor developments for any indications of a potential resolution to the lawsuit.
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.
Follow us on Twitter, Facebook, Telegram, and Google News
