Closed SEC meeting not about Ripple lawsuit after all

Earlier we wrote about the canceled meeting of the US Securities and Exchange Commission (SEC). According to rumors, this meeting was about a settlement with Ripple (XRP).

This rumor caused quite a stir in crypto land. It could mean that the end of the endless Ripple lawsuit is in sight. Or not?

Lawyers refute rumors

However, Bill Morgan, a well-known lawyer in the Ripple community, says that the SEC meeting in question is not related to the Ripple lawsuit at all. His statement has dashed hopes for a quick settlement. Former SEC lawyer Marc Fagel also confirms Morgan’s statements. He claims that both parties are not currently pursuing a settlement.

The lawsuit is currently in its final stages. The SEC has requested a fine of $102.6 million, which is much lower than the original demand of almost $2 billion. Ripple, on the other hand, has proposed a fine cap of $10 million, which the SEC considers too low. This $90 million gap is likely the reason that a settlement is not realistic at this time.

Ripple’s legal battle with the SEC has been ongoing since December 2020. The lawsuit concerns the SEC’s claim that XRP is a security. Ripple, of course, disagrees with this claim. Despite partial victories for Ripple in 2023, important issues remain unresolved.

There is hope!

The SEC has moved a closed meeting, originally scheduled for July 18, to July 25. If we are to believe the lawyers, this meeting has nothing to do with Ripple. What it is about is unclear. This meeting chapter seems to be closed with this latest news.

But there is new hope for Ripple supporters. Earlier this week, Ripple CEO Brad Garlinghouse indicated in an interview with Bloomberg that the end of the lawsuit with the SEC is now very close. Read all about it in this article.

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