Settlement Between Ripple Labs Inc. and SEC Likely This Week
An ambassador from Bitrue, Brett Hill, has ignited speculation about a potential settlement between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) with a recent tweet. The tweet indicated a scheduled private executive meeting at the SEC headquarters in Washington this Thursday, which may be connected to the Ripple vs. SEC case resolution. While the SEC’s official announcement lacks explicit mention of the Ripple case, the listed discussion topics hint at significant developments in the ongoing legal battle.
SEC Meeting Details and Exemptions
The SEC announced that the meeting would take place at its headquarters in Washington, DC, allowing for remote participation if necessary. The meeting’s non-public status stems from certain exemptions under 5 U.S.C. 552b(c) and 17 CFR 200.402(a), covering privacy, law enforcement proceedings, financial information, and internal personnel rules. These exemptions reflect the sensitive nature of the discussions, likely related to enforcement actions, including the Ripple litigation.
Penalties and Settlement Proposals
- The SEC is currently pursuing a $102.6 million penalty against Ripple, a significant drop from the initial demand of nearly $2 billion.
- Ripple has countered with a proposal to cap the penalty at $10 million, drawing comparisons to previous case resolutions.
- However, the SEC rejected this proposal, arguing that such a nominal amount would not align with civil penalty laws’ intent.
Likelihood of Settlement
- Some legal experts believe that a pre-judgment settlement in the Ripple vs. SEC case is improbable.
- Fred Rispoli, founder of Hodl Law, indicated that while a settlement is unlikely, negotiations on unresolved matters could still occur.
XRP Trading Update
As of now, XRP is trading at $0.53 in the market, reflecting the ongoing legal uncertainties surrounding Ripple Labs Inc. and the SEC.
Hot Take: Ripple-SEC Settlement on the Horizon?
The ongoing legal battle between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) could see a breakthrough this week as the SEC schedules a closed-door meeting for Thursday, July 18, 2024, potentially signaling a settlement between the two parties.
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