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The SEC has called for a closed-door meeting on November 30 at its headquarters in Washington, and the XRP community believes the Ripple case will be on the table.
Some say this could be the meeting in which the SEC finally agrees to a settlement, which it has been leaning towards in recent times, even as its arguments in court lose steam.
It’s been a grueling three years for the XRP community ever since ex-SEC chair Jay Clayton ruined Christmas in 2020 by suing Ripple for securities violations. The case has dragged on in court, but the SEC’s allegations have been dealt one blow after another. Could the end be nigh for the case? An upcoming closed-door meeting suggests that the regulator might be warming up to a settlement.
The SEC announced an upcoming Sunshine Act meeting recently. It takes place on November 30 at the agency’s headquarters in Washington from 2.00 pm in the afternoon.
“Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present,” the agency revealed.
The matters to be discussed at the meeting include the institution and settlement of injunctive matters; the settlement of administrative proceedings; resolution of litigation claims and any other matters related to litigation.
The SEC has been pursuing several companies in recent times, including a landmark lawsuit against dozens of Wall Street firms over their use of WhatsApp. However, the Ripple case ranks among the most critical. While the lawsuit might not be the biggest financially, it could have a ripple effect on the agency’s regulation of the crypto industry. If it loses the case (and it has already lost in some of the smaller battles with Ripple), the SEC could lose its grip on crypto. If XRP is deemed not to be a security, other projects will be bolder when battling the SEC,
Therefore, it’s not far-fetched to think that the Ripple case will be one of the key issues the SEC’s top management will be discussing on November 30.
Ripple vs SEC: Is a Settlement Coming?
Battling with the SEC isn’t for the faint of heart. Just this week, the world’s largest exchange Binance proved how tough the SEC can be after it decided to pay over $4 billion in fines and have its CEO resign, rather than start a legal war with the agency.
However, Ripple has managed to fight Gary Gensler’s agency for three years. And now, the finish line might be closer than ever, says XRP influencer Amelie.
Other XRP community members pointed out that the Binance news come at a good time for XRP. By getting a win over the world’s biggest crypto firm, Gensler would be more willing to settle with Ripple as he no longer needs a big win.
The settlement could be the event that sends XRP to the moon. At press time, it trades at $0.5955, down 7% in the past week.
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