Ripple and SEC Engage in Closed-Door Meeting for Settlement
The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) regarding the status of XRP continues. To resolve the three-year-long dispute, the court has ordered both parties to consider a settlement and negotiate its terms. In pursuit of this, multiple meetings have been scheduled, including one happening today.
Behind Closed Doors
As part of the potential settlement, Ripple and the SEC will hold a closed-door meeting under the Sunshine Act Meetings. This meeting, set for November 30, will address various issues that need resolution.
The closed-door meeting aims to discuss topics such as administrative proceedings, injunctive actions, litigation matters, resolution of claims, examinations, enforcement proceedings, and more.
Timeline for Settlement
The closed-door meeting is a step towards finalizing a settlement expected to be completed by 2024. Important dates related to the settlement are spread from February to April 2024.
The court has mandated that remedies-related discovery be concluded by February 12, 2024. By March 13, 2024, the SEC is expected to file its brief on these remedies. Ripple will then have until April 12, 2024, to file its opposition.
Following these filings, the SEC has until April 29, 2024, to respond to Ripple’s filing.
SEC’s $770 Million Demand
About a month ago, discussions about a settlement between Ripple and the SEC began. The regulator demanded $770 million in fines from Ripple—an amount the company opposes.
Legal experts like pro-XRP attorney John Deaton suggest that Ripple is likely to negotiate this figure down. While a fine is expected in the settlement, Deaton believes anything below $20 million would be a significant win for Ripple. Pro-XRP lawyer Jeremy Hogan also predicts the settlement figure to be under $100 million.
Conclusion
With ongoing discussions and negotiations, it is anticipated that both parties may reach a resolution by July 2024, according to Deaton.
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