Ripple (XRP) Lawsuit with SEC Could End This Week

The long-running legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) could come to an end this week, as the SEC has scheduled a closed-door meeting for Thursday, July 18, 2024. Sources say the meeting is aimed at ending the lawsuit against Ripple.

What is known?

Rumors are that the lawsuit will end in a settlement. These rumors were fueled via X by Brett Hill of crypto exchange Bitrue. He shared a screenshot of an SEC announcement on Saturday and added the following:

‘BOOOOOOOOM! Closed executive meeting at their Washington HQ for this Thursday (July 18, 2024)! Reliable sources have informed us that this meeting is related to the Ripple vs SEC resolution and the conclusion of the lawsuit!’

The SEC’s official announcement doesn’t specifically mention the Ripple case. However, the topics listed for discussion include “institution and settlement” and “lawsuit resolution.” While not conclusive, these terms suggest that the meeting could discuss significant developments in the Ripple case.

End of Ripple lawsuit?

The lawsuit is currently in its final stages, where it will be determined how much money Ripple will have to pay to the SEC. The SEC is seeking a $102.6 million fine, significantly lower than the original demand of nearly $2 billion. However, Ripple has proposed a $10 million cap on the fine, which the SEC has rejected.

It is still uncertain whether a settlement will be reached. Some pro-XRP advocates estimate the chances of a settlement to be low. A settlement would end the long legal battle, but this will only happen if both parties agree on the amount. We are closely monitoring the situation this week.

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