The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is moving steadily towards a conclusion, and expectations surrounding a possible settlement are increasing.
A closed meeting of the SEC was scheduled for April 11, leading to extensive speculation within the XRP community. The central question is whether this meeting will relate to a settlement in the case against Ripple.
A well-known XRP fan known as JackTheRippler has fueled speculation about a possible settlement. However, the exact details remain unclear. The SEC’s official statements explicitly mention neither Ripple nor XRP.
Access to the SEC’s customary closed-door meetings is limited to a select group of top SEC officials and a few key personnel.
A similar meeting took place in November, but it did not lead to a settlement in the case against Ripple. A settlement conference was also held on March 29, 2024, but to date no official update has been given on what was discussed or decided there.
SEC demands fine of almost $2 billion
Ripple has indicated that it is open to a conditional settlement with the SEC, with the size of the settlement being a determining factor. However, so far the SEC has shown no interest in such an agreement and appears to prefer a judicial solution.
On July 13, the court ruled that the sale of XRP on exchanges is not covered by securities law. However, Ripple has been found guilty of violations of this legislation in other aspects, specifically offering and selling XRP directly to institutional clients.
The case is currently at the remedies stage, considering what punishment is appropriate for the offences. The SEC has proposed a nearly $2 billion fine for Ripple. Ripple will present its defense on April 22, 2024, followed by a response from the SEC on May 6. After this, the court will make a final judgment.
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