The last couple of years have been brutal for the XRP community since December 2020, when the U.S. Securities and Exchange Commission (SEC) sued Ripple on allegations that the blockchain payments startup sold unregistered securities. But the landmark XRP case has ultimately tilted in Ripple’s favour. Can the Ripple and the SEC reach a resolution soon? A private meeting expected to take place at the end of this month suggests that the SEC could be preparing for settlement.
XRP Suit: Settlement Incoming?
The SEC’s announcement revealed the date and time of a forthcoming closed-door Sunshine Act meeting, which is scheduled for Thursday, November 30, 2023, from around 2:15 p.m.
As per the notice, the meeting will be held via remote means or at the regulator’s headquarters in Washington, DC.
“Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present,” the announcement said.
The agenda entails important topics like institution and settlement of injunctive action, administrative proceedings, resolution of litigation issues, and other matters concerning examinations and enforcement proceedings.
The upcoming meeting seems to have stirred excitement among the XRPArmy, with some fanatics believing the secretive event will be about a possible settlement. XRP influencer Amelie optimistically observed:
“Another closed meeting from the SEC on November 30, 2023. Hopefully, there is a settlement incoming soon.”
As ZyCrypto previously reported, the legal battle over the XRP cryptocurrency is heading to the remedies phase. Crucial dates have already been set, with Ripple and the SEC expected to complete their remedies discovery by February 12 of next year. The SEC will then submit briefs detailing the remedies it pursues by mid-March, and Ripple will have at least four weeks to file any opposition. The SEC will be given one last chance to respond to Ripple’s opposition by late April before the court can make a ruling on any remedies.
XRP investors are looking forward to the outcome of the SEC’s closed meeting. The potential settlement with Ripple could further cement XRP’s non-security status, which was recently not named a crypto asset security in the fresh SEC lawsuit against Kraken, and trigger an aggressive rally past the elusive $1 mark.