In a surprise move, the U.S. SEC has canceled its closed-door meeting originally scheduled for today, July 18, which was anticipated to potentially discuss the ongoing Ripple lawsuit. The agency updated this cancellation notice via its website on Wednesday, July 17.
This meeting was highly anticipated by the XRP community, as they expected it could potentially lead to a settlement between the SEC and Ripple, bringing an end to the multi-year legal battle.
Top SEC commissioners and officials were initially set to attend the closed-door meeting, which has now been canceled.
According to the SEC’s Sunshine Act notice, the meeting was set to focus on four key agendas, including the settlement of administrative proceedings and injunctive actions and resolving litigation claims. The inclusion of settlement on the agenda had sparked rumors that the SEC might finally agree to a deal with Ripple, leading to widespread speculation among XRP enthusiasts.
For instance, Yassin Mobarak, the pro-XRP founder of Dizer Capital, had previously speculated on the likelihood that the SEC would agree to a settlement with Ripple. In response, a former SEC lawyer, Marc Fagel, highlighted the recurring speculations surrounding the regulator’s closed-door meetings.
Fagel noted that the SEC has held around 150 closed-door meetings nearly weekly since the Ripple lawsuit began. He observed that the crypto community often speculated that a settlement discussion was being held in each of these meetings, which has repeatedly proven otherwise.
I mean, they’ve had about 150 of these nearly-weekly meetings since the case was filed, and Crypto Twitter was convinced a settlement was being discussed at every one of those meetings, but this is DEFINITELY the one!
[Narrator: It’s not the one.]
— Marc Fagel (@Marc_Fagel) July 16, 2024
Aside from the settlement, Ripple and the SEC have intensely debated the appropriate penalty for Ripple’s alleged violation of securities laws. The SEC is pushing for a hefty fine of $2 billion, while Ripple argues that a significantly lower penalty of $10 million is more fitting.
While these arguments are under review by District Court Judge Analisa Torres, some legal experts have suggested a final ruling could emerge by July 31.
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