- There’s news of a confidential SEC meeting on November 30th, focusing on enforcement proceedings and litigation actions.
- Ripple is engaged in a legal battle with the SEC over the status of XRP.
- The meeting has sparked speculation in the Ripple community about potential settlements.
News of a confidential SEC meeting this week covering enforcement proceedings and litigation actions has revived settlement speculation within the Ripple community. The undisclosed November 30th agenda comes amidst key phases in Ripple’s ongoing legal battle with the regulatory body over XRP’s status.
While no parties are named, the slated discussion over resolving claims and lawsuits related to SEC examinations has investors buzzing over potential Ripple developments. Over 3 years since first filing charges against Ripple alleging XRP amounted to an unregistered security, the case remains locked in critical discovery and briefings ahead of eventual remedies rulings next year.
Specifically, Judge Analisa Torres recently laid markers for both sides to complete discovery pertaining to penalties and injunctions sought against Ripple by February 2024. This will set the stage for a final brief submission through April, whereafter Judge Torres can issue binding decisions on appropriate sanctions.
Will Ripple and SEC come to a resolution?
A major contention point remains the eye-popping $770 million fine the SEC charged Ripple in July 2022 based on overwhelmingly selling XRP as an illegal offering. Most legal experts expect the sum to be reduced but still represent high-stakes talks given Ripple’s business turning on the coin’s free trading status.
It’s within that context that the SEC’s newly announced Thursday meeting has coincided with anticipation over a potential settlement compromise. The very topic of resolving enforcement claims shrouded in secrecy has propelled the XRP community into a frenzy over the prospects.
Yet the gathering has centered attention on Ripple’s efforts to proactively end legal uncertainty harming XRP beyond looming judicial decisions. Any indication of progress through the secret meeting would further bolster the international cryptocurrency, now ranked #6 by market capitalization near $19 billion.
