The highly anticipated closed-door meeting between Ripple and the Securities and Exchange Commission (SEC) scheduled for today was abruptly canceled, leaving investors and industry observers in suspense.
This unexpected development has further fueled speculation about the trajectory of the protracted legal battle and its implications for the broader cryptocurrency market.
Vandell Aljarrah, Co-founder of Black Swan Capitalist, shared the news on X. Aljarrah noted that the cancellation “makes sense,” describing the lawsuit as internally orchestrated and arguing that there’s nothing left to discuss.
The #Ripple vs #SEC lawsuit meeting for Thursday was canceled.
Makes sense, there's nothing else to discuss on the internally orchestrated lawsuit.
Sunshine Act Notice:#XRPhttps://t.co/tqUCQ5sc0j pic.twitter.com/pL2vb9y6WZ
— Vandell | Black Swan Capitalist (@vandell33) July 31, 2024
This perspective is reinforced by the reference to the Sunshine Act Notice, which suggests that the meeting might have been focused on procedural issues rather than substantive legal developments.
Is the SEC Dodging Ripple?
The SEC’s decision to cancel the meeting may be influenced by recent court decisions favorable to cryptocurrencies, potentially prompting the agency to reevaluate its strategy.
Additionally, Donald Trump’s popularity among the pro-crypto population in the U.S. might be mounting pressure on the regulator. Trump has expressed his desire to make America the Bitcoin capital of the world, and potentially remove SEC Chair Gary Gensler if elected.
Brad Garlinghouse, Ripple’s CEO, has been vocal in his criticism of the SEC, pointing to a perceived lack of evidence in the case against Ripple. He also recently criticized the SEC’s move to withdraw its classification of ADA and SOL as securities as an example of what he sees as the agency’s inconsistent approach to cryptocurrency regulation. Garlinghouse argues that this inconsistency is evidence of the SEC’s hypocrisy and arbitrary actions.
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Broader Implications for Cryptocurrency Regulation
Despite the SEC’s behavior, the lawsuit will soon end, as both parties are waiting for the final ruling from the judge. The Ripple vs. SEC lawsuit is pivotal for cryptocurrency regulation. The outcome of this case could set a precedent for how cryptocurrencies are treated under U.S. law.
If Ripple is victorious, the SEC may be forced to reconsider its strategy, potentially ending its strategy of filing frivolous lawsuits against crypto companies. However, with each delay, the uncertainty continues to weigh on XRP and the broader crypto market.
XRP, however, has not reacted to this news. Although XRP has dropped 5.98% to $0.6089 over the last 24 hours, this decline is attributed to broader market dynamics. This decline could also be short-lived, as prominent analysts have predicted a significant surge for XRP soon.
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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