Fagel says the recently canceled SEC’s Sunshine Act meeting is unrelated to Ripple, indicating that such cancellations typically occur for mundane reasons.
Marc Fagel, a legal expert and former SEC official, has reacted to ongoing speculation within the XRP community regarding the regulatory agency’s decision to cancel a Sunshine Act meeting.
XRP Community Reacts to Newly Passed Bill
For context, Good Morning Crypto podcast host Abdullah “Abs” Nassif called the public’s attention to the significance of a pro-crypto bill, dubbed the Deploying American Blockchains Act of 2023, which the U.S. House of Representatives recently passed.
According to Nassif, the bill places the Secretary of the Department of Commerce as the principal advisor to the president for policies relating to blockchain and assets built on the emerging technology. Consequently, Nassif speculated that the SEC’s power over the Ripple lawsuit will be nullified once the bill is effective.
🚨 BREAKING: 🇺🇸 The “Deploying American Blockchains ACT of 2023” Has Passed The House !!
According to this House bill, the Secretary of the Department of Commerce shall serve as the principal advisor to the President regarding blockchain technology.
This Removes The Power From… pic.twitter.com/gwFJpeuPZQ
— Good Morning Crypto (@AbsGMCrypto) May 21, 2024
Nassif’s assertion elicited several reactions from XRP community members eagerly anticipating the SEC lawsuit’s resolution. In light of this, a user stated that the SEC has already canceled its Sunshine Act Meeting, with an agenda focusing on Ripple.
Fagel Says Cancellation Has Nothing to Do With Ripple
Reacting, Fagel dismissed this speculation as false, emphasizing that the canceled Sunshine Act Meeting has nothing to do with Ripple.
According to Fagel, the meeting is a regularly occurring event that happens almost every week throughout the year. He stated that these meetings are sometimes canceled for routine reasons. Fagel made the assertion based on his experience attending the Sunshine Act meeting while working with the SEC.
That is a standing meeting that happens nearly very week of the year, and occasionally they are cancelled for various mundane reasons. This has NOTHING to do with Ripple. (Speaking as someone who spent years attending them.)
— Marc Fagel (@Marc_Fagel) May 21, 2024
Recall that the SEC sent out a Sunshine Act Notice last week to inform its officials that it has canceled the meeting scheduled for May 23.
“The Closed Meeting scheduled for Thursday, May 23, 2024, at 2:00 PM (ET), has been canceled,” the notice read.
Speculations Surrounding SEC Sunshine Act Meetings
This is not the first time the SEC’s Sunshine Act meeting has stirred speculations within the XRP community.
Since the SEC charged Ripple with offering XRP as an unregistered security, crypto enthusiasts believe that any upcoming Sunshine Act meeting could bring about a settlement in the lawsuit. However, the parties have yet to resolve the lawsuit through a settlement.
In the meantime, the broader crypto community is awaiting the final verdict of the Ripple lawsuit, which multiple experts speculate could come before the year ends.
