SEC Upcoming Closed Door Meeting Sparks Expectation of Possible Settlement in Ripple Case

XRP enthusiasts are keeping a close tab on the upcoming SEC’s closed-door meeting and expect the event will lead to a potential settlement in the Ripple lawsuit. 

While the SEC has not officially signaled its intention to end the multi-year legal battle via settlement, the community expects things to change due to the agency’s recently scheduled closed-door meeting. 

SEC Upcoming Closed Door Meeting 

The United States Securities and Exchange Commission has scheduled to hold a closed-door meeting on November 30, 2023, by 2:15 PM. According to the announcement, the meeting will be held remotely or at the commission’s headquarters in Washington, D.C. 

Top SEC commissioners, counsels, secretaries, and other key staff members are expected to attend the meeting. 

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The critical points of the discussion in the meeting include the settlement of injunctive actions and administrative proceedings. 

XRP Enthusiasts Expect SEC v. Ripple Settlement

Based on the highlighted key points, the XRP community hopes the commission will consider settling with Ripple to end the multi-year legal tussle. 

Prominent XRP influencer Amelie is among those expecting the SEC’s closed-door meeting to result in a settlement in the Ripple lawsuit. 

WOW! 💥

Another closed meeting from the SEC at November 30, 2023❗️

Hopefully there is a settlement incoming soon🤞🏼 #XRP https://t.co/ItMAsIZDsh pic.twitter.com/PzzIAj7pDm

— 𝓐𝓶𝓮𝓵𝓲𝓮 🍭 (@_Crypto_Barbie) November 21, 2023

Expectedly, other top XRP enthusiasts share a similar settlement, as seen in the comment section. 

SEC v. Ripple Lawsuit Update 

Notably, the end of the lawsuit is in sight as the court has already issued its summary judgment decision. In a July ruling, the court declared that XRP and most Ripple transactions, including programmatic sales and other distributions, are not securities. 

However, it ruled that Ripple’s past sales to institutional clients constitute an investment contract. 

In the meantime, the court recently issued an order regarding the remedies phase of the suit. The Remedies phase will determine the appropriate penalty Ripple may face for violating the law via its institutional sales of XRP. 

Even though the court is expected to issue a decision in the remedies phase by the summer of 2024, there are indications that the SEC could appeal the decision on Ripple’s programmatic sales of XRP and other distributions immediately after the remedies proceeding. 

The court denied the SEC’s initial attempt to appeal the ruling, as the agency was ordered to wait until all pending issues were resolved. The only pending issue in the case is the remedies. After that, the SEC has the full right to appeal the court’s July 13 ruling. 

However, with the SEC expecting to discuss the settlement of injunctive actions and administrative proceedings, there is a tendency for the regulator to discuss settling its ongoing litigations with Ripple.