San Francisco, Tuesday July 23, 2024 – The long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may be nearing a resolution with the fresh scheduling of a meeting on July 25, reports said.
Speculation of a potential settlement has also intensified following a closed-door SEC meeting scheduled for Thursday, July 25.
A scheduled settlement meeting was cancelled on July 19 at the last moment. The SEC canceled its closed-door meeting with Ripple, initially causing XRP prices to surge due to speculation of a potential resolution in the ongoing lawsuit. However, the cancellation led to an 8% drop in XRP’s value. The meeting’s abrupt cancellation triggered theories about the SEC’s shift in focus to Ethereum ETFs, though it is now suggested that the meeting was merely postponed by a week.
Reports said that this time the SEC’s meeting agenda includes discussions on “institution and settlement of administrative proceedings” and “resolution of litigation claims,” fueling speculation that the Ripple case could be a topic.
Ripple CEO Brad Garlinghouse has also reportedly hinted at a potential resolution, suggesting the case could wrap up “very soon.”
The SEC initially sought a $2 billion fine from Ripple but has since lowered its demand to $102.6 million.
While both parties have not confirmed settlement talks, the softening stance from the regulator suggests potential progress.
