The SEC’s closed-door meeting slated for today has stirred a wave of speculation about a potential settlement in the ongoing legal tussle about Ripple.
For many cryptocurrency investors, today, November 30, is just every other day in the crypto market. However, several XRP holders see November 30, 2023, as the day that could birth the resolution of the SEC v. Ripple lawsuit.
SEC Closed Door Meeting
As reported earlier, the United States Securities and Exchange Commission (SEC) has scheduled a closed-door meeting today at 2:15 PM (ET).
According to an announcement, all SEC commissioners and other top officials are expected to attend the meeting, which is scheduled to be held at the commission’s headquarters in Washington, DC.
Notably, SEC officials who cannot physically attend the meeting can do so remotely. One of the meeting’s main agendas is to discuss the settlement of injunctive actions and other administrative proceedings.
XRP Community Anticipate a Settlement
Although the SEC did not mention the Ripple lawsuit in the announcement, the idea of a closed-door meeting and the discussion of potential resolution of injunctive actions have stirred speculations among XRP enthusiasts.
Several XRP community members speculate that the securities regulator might decide to end its protracted legal battle with Ripple via settlement.
Since the SEC charged Ripple with violating federal securities laws in December 2020, the commission has not signaled any intention to reach a compromise with the blockchain company. Instead, it has gone all out against Ripple, hoping to get a flawless victory against the firm in court.
SEC Suffers Major Losses Against Ripple
However, the decision has not gone well for the SEC. The commission has received multiple unfavorable rulings, including the court declaring XRP in itself as a non-investment contract.
Furthermore, the court also denied the SEC’s request to certify an interlocutory appeal that will enable it to challenge Ripple’s victory in the case. Additionally, the SEC dropped its charges against Ripple execs without prejudice.
Next Phase of SEC v. Ripple Case
Following the decision, the lawsuit entered the remedies phase – a proceeding that will determine how much fine Ripple will pay for selling XRP as unregistered securities to institutional clients.
The court has already issued a scheduling order for the remedies stage. According to the order, the parties must complete all remedies-related discovery by February 2024, with the final motion expected to be filed in April next year.
If the SEC decides to settle with Ripple after its closed-door meeting, the parties could agree on three convenient dates to schedule a settlement conference.
Per a previous order, the court-mandated the parties to communicate the dates at least six to eight weeks in advance.
Notably, the outcome of today’s SEC closed-door meeting will determine whether the parties will schedule a settlement conference or proceed with the remedies phase of the lawsuit.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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