The Ripple vs. SEC lawsuit has again come into focus. The US Securities and Exchange Commission (SEC) is set to hold a closed-door meeting today, which has raised speculation that the Commission could potentially settle with Ripple after the meeting.
What To Know About The Commission’s Meeting Amid Ripple Vs. SEC Settlement Speculations
The SEC is set to hold its first closed-door meeting today since Mark Uyeda was appointed acting Chair. According to the press release, the meeting will cover topics related to the institution and settlement of injunctive actions, the institution and settlement of administrative proceedings, the resolution of litigation claims, and other matters related to examinations and enforcement proceedings.
The Ripple vs. SEC settlement speculations have arisen because of the Commission’s plans to discuss topics that relate to the resolution of litigation claims at the closed-door meeting. Moreover, the crypto community is betting on a settlement since Uyeda, who is pro-crypto, unlike the former SEC Chair Gary Gensler, could be more open to the idea of settling with Ripple rather than proceeding with the appeal.
However, former SEC official Marc Fagel has dispelled the possibility that the SEC and Ripple could reach a settlement after the closed-door meeting. In a now-deleted X post, Fagel noted that the meeting is the same one that the Commission holds nearly every week. He added that the Commissioners will simply vote on recommendations that were calendared weeks ago.
In line with this, he remarked that those expecting something monumental to happen are about to be disappointed. Meanwhile, the former SEC official opined that any potential settlement in the Ripple vs. SEC lawsuit is still weeks away. He believes that Trump’s administration could facilitate the settlement, but that would only happen after Trump’s nominee, Paul Atkins, is confirmed by the Senate for the SEC Chair role.
Clarification On The Case Being Removed From SEC’s Website
There had been speculations that the Ripple vs. SEC lawsuit had ended amid the case being removed from the Commission’s website. However, in an X post, legal expert Jeremy Hogan clarified that the case was still ongoing despite this development. He noted that the case was still on the appellate court’s website, confirming that both parties have yet to reach a settlement.
The most recent developments in the case include the SEC’s filing of its opening brief in which the Commission again argued that Ripple violated securities laws through its institutional and programmatic sales were investment contracts. Meanwhile, Ripple has requested a due date of April 16, 2025, to file its opening brief. Atkins is likely to have been confirmed as the SEC chair by then, which could pave the way for a settlement before the appeal case goes further.
It is also worth mentioning that Better Markets has filed an amicus curiae brief in support of the SEC. The nonprofit argues that Ripple violated securities laws through its secondary XRP sales.
