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Ben Armstrong, aka BitBoy, recently weighed in on the growing speculation within the XRP community about the SEC “calling an emergency settlement” in the ongoing Ripple lawsuit.
This speculation coincided with the announcement that SEC Chairman Gary Gensler will resign from his position, with his resignation set to take effect on January 20, 2025. Among the ongoing enforcement actions Gensler oversees is the Ripple lawsuit, which has just entered the appeal phase.
However, some XRP community members believe the appeal could be paused or dismissed now that Gensler’s departure is confirmed.
BitBoy Comments on the Rumors
In a recent live video, Ben Armstrong (BitBoy) addressed the rumors. While acknowledging the speculation, he clarified that he was unsure of the claim’s validity and promised to investigate further.
For context, the “emergency settlement” speculation stems from the SEC’s weekly closed-door sessions that discuss pending cases and injunctions. The SEC held one such session on November 21, the same day Gensler publicly disclosed his resignation.
Notably, the rumors contributed to Friday’s significant price surge in XRP. The asset rallied over 40% to reach $1.60 for the first time in three years.
Former SEC Lawyer Confirms Likely Ripple Appeal Dismissal
Marc Fagel, a former legal representative of the SEC, also weighed in on the matter. He noted that while there have been many fabricated reports in the past about Ripple’s settlement discussions during the SEC’s closed-door meetings, the latest rumor appears more credible.
“The last 200 posts about SEC weekly meetings were completely made up, but this one is totally true,” Fagel said.
Fagel also pointed out that if the appeal were to be dismissed—an outcome that would be historically unusual but still possible—it likely wouldn’t happen until after the new SEC Chair is appointed and confirmed. This means there will likely be ample time for more false reports and speculation leading up to the January 15 brief filing, he added.
If the appeal is dismissed (which would be historically unusual but possible), it won't happen until the new SEC Chair is appointed & confirmed. Which leaves plenty of time for bogus posts about weekly meanings and all sorts of craziness leading up to the January 15 brief filing.
— Marc Fagel (@Marc_Fagel) November 21, 2024
Interestingly, Gensler’s resignation date coincides with Donald Trump’s inauguration as the 47th president of the United States, scheduled for January 20, 2025. During his presidential campaigns, Trump had promised to remove Gensler from office on his first day. However, Gensler has chosen to step down on the very same day that Trump will assume office.