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XRP Case: SEC Announces Private Meeting, Investors Await Ripple Lawsuit Settlement

source-logo  u.today 22 November 2023 13:19, UTC

In a recent development, the U.S. Securities and Exchange Commission (SEC) revealed a closed-door meeting scheduled for Thursday, Nov. 30. The undisclosed agenda includes crucial topics such as the institution and settlement of injunctive action, administrative proceedings, resolution of litigation claims and other matters related to examinations and enforcement proceedings.

While the official announcement from the SEC abstains from naming Ripple or XRP directly, the news has reignited speculation within the XRP community. Discussions surrounding the potential settlement of ongoing litigations in the so-called "XRP case" have intensified, given the secretive nature of the upcoming meeting.

Last week, U.Today reported on the current status of the Ripple v. SEC legal battle, focusing on the remedies discovery phase. Key dates have been set, with both Ripple and the SEC required to complete their remedies-related discovery by Feb. 12, 2024.

Subsequently, the SEC has until the middle of March to submit briefs outlining the remedies it seeks, and Ripple will have a month to file any opposition. Before a judge can rule on any remedy, the SEC will be granted one last opportunity to respond to Ripple's opposition by the last week of April.

Stumbling block worth $770 million

The pivotal point of contention remains the staggering $770 million fine imposed on Ripple on July 13, marking a significant breakthrough in the XRP case. While leading crypto legal experts anticipate a reduced final figure, the road to settlement is expected to be difficult, with complex discussions and negotiations anticipated.

Against this backdrop, investors are eagerly awaiting the outcome of the SEC's private meeting, which could potentially pave the way for a resolution in the Ripple lawsuit, impacting the future trajectory of XRP on the crypto market.