The United States Securities and Exchange Commission has reportedly scheduled a private meeting this Thursday (July 18), fueling speculation that the Wall Street regulator may be nearing a resolution in its lengthy legal dispute with fintech firm Ripple.
Ripple vs SEC Settlement This Week?
The SEC plans to have a closed-door meeting at its Washington headquarters this week.
Although the official agenda remains unknown, sources suggest the meeting could be connected to the protracted lawsuit with the Securities and Exchange Commission. This private meeting could cover a slew of key issues, including the possible settlement of litigation claims and perhaps case resolution.
Bitrue exchange ambassador, Brett Hill, said in a post on X:
“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! #XRP.”
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! #XRP pic.twitter.com/9lEy33mPaI
— Brett Hill (@Brett_Crypto_X) July 12, 2024
Regulatory Developments And Ripple’s Progress
The SEC and Ripple have been locked in their court battle since December 2020, when the agency alleged that the blockchain payments company sold unregistered securities in the form of XRP, which Judge Analisa Torres agreed it did in a landmark July 2023 ruling — but only when sold to institutional investors. However, Torres dismissed similar allegations by the SEC that the sale of XRP on exchanges and via algorithms also broke the law.
The SEC initially asked the court to order Ripple to pay $876 million in disgorgement, $198 million in prejudgment interest, and a $876 million civil penalty, amounting to nearly $2 billion. But after multiple legal skirmishes, the SEC has significantly reduced its demand to $103 million — a figure that Ripple still finds unacceptable when compared to the resolution of the Terraform Labs suit.
Pro-XRP lawyer and founder of HODL Law, Fred Rispoli, previously predicted that the lawsuit could be finally concluded by July 31, 2024.
The price of XRP appears on the brink of a mega rally after years of underperformance. The token has been on a roll, surging by 22.5% over the past week alone, indicating strong market sentiment and investor confidence. According to CoinGecko, XRP currently hovers around $0.5368, a 1.7% gain on the day.
