An upcoming closed-door meeting between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) scheduled for Thursday, July 18, 2024, has sparked speculation about a potential settlement in the ongoing legal battle.
Speculation Over Ripple vs. SEC Settlement
The speculation was fueled by Brett Hill, a Bitrue exchange ambassador, who shared details of the SEC’s announcement regarding a private executive meeting on Thursday related to potential resolutions in the Ripple vs. SEC case. Although the SEC’s announcement did not explicitly mention the Ripple case, the topics listed for discussion hint at significant developments related to injunction actions, administrative proceedings, and litigation claims.
The meeting, slated to take place at the SEC’s headquarters in Washington, DC, with options for remote participation, is deemed non-public due to certain exemptions under US law. These exemptions indicate the sensitive nature of the discussions, likely encompassing ongoing enforcement actions, possibly including the Ripple litigation.
The SEC is pursuing a reduced penalty of $102.6 million against Ripple, a significant decrease from its initial demand of nearly $2 billion. Ripple, on the other hand, has suggested a maximum penalty of $10 million, reminiscent of past settlements. However, the SEC rejected this proposal, arguing it would not align with civil penalty laws’ intent.
Legal experts suggest that while a pre-judgment settlement is unlikely, negotiation on unresolved issues may still occur. At the time of reporting, XRP was trading at $0.53.
