SEC Schedules New Closed Door Meeting As $XRP Holders Anticipate Ripple Lawsuit Settlement. Guys it's getting closer & closer... I know you all are fed up with the XRP status, as most of us invested in this so called "Stable Coin", but this is about to change. A You Turn in a matter of days??? Let's Dive In🥂
The XRP community is closely monitoring a closed-door meeting held by the Securities & Exchange Commission (SEC) today, April 11, 2024. While the official agenda remains undisclosed, speculation is rife that the ongoing lawsuit against Ripple Labs could be a topic of discussion.
Four points could be deducted till now from those closed door meetings as follows:
💥Potential for Settlement💥
This speculation stems from a recent court order mandating settlement discussions between the SEC and Ripple before an upcoming pre-trial conference [3]. However, it is crucial to note the absence of any official confirmation regarding a potential settlement within the SEC's announcement for this meeting.
✨Limited Transparency✨
As with all SEC closed-door meetings, access is restricted to top SEC officials, commissioners, and key staff members, who can attend virtually or in person at the commission's headquarters. The public cannot attend these meetings.
⏳Previous Developments⏳
A similar closed-door meeting held by the SEC in November 2023 did not yield a settlement in the Ripple case. Additionally, a mandatory pre-hearing settlement conference took place on March 29, 2024, with no official update on its outcome.
🌿Differing Approaches🌿
While Ripple has expressed openness to a conditional settlement, the SEC seems focused on a court-determined resolution. The agency has faced setbacks, with the court ruling that Ripple's XRP sales did not constitute investment contracts as alleged by the SEC.
💡Current Legal Status & Conclusion💡
Despite the SEC's claims regarding XRP sales to institutional clients, the court did not rule in the agency's favor. Currently, the case is in the remedies phase, with both parties arguing the appropriate penalty for the violation the court found. The SEC filed a remedies brief last month, seeking a $2 billion penalty from Ripple. Ripple has until April 22nd to respond, followed by the SEC's reply by May 6th. The court will then issue a final judgment.
With all this being said, and as we get closer to the $BTC halving, we could expect XRP to finally start moving, being pushed by the market hype, with those positive news about the settlement finally getting close and in addition the previous news I covered for you as Ripple CEO Brad Garlinghouse gave us the shocker that Ripple is about to launch it's own Stable Coin.
