The announcement of an upcoming SEC meeting sparks chatter about the possible settlement between the state regulator and Ripple.
In a recent press release, the US Securities and Exchange Commission announced the Sunshine Act Meeting. The meeting will be held on November 30th, behind closed doors; either via remote means and/or at the commissioner’s office in Washington DC. The time for the meeting is 2:15 P.m.
The meeting will be attended by the counsel of commissioners, Commissioners, the secretary to the commission, recording secretaries, and other staff of interest. The agenda of the meeting, as stated in the release, is the institution and settlement of injunction actions and administrative proceedings, resolution of litigation claims, and other matters related to litigation. In addition, the attendees will also discuss matters relating to examinations and enforcement proceedings.
The agenda, as laid down above, clearly indicates that the SEC may make some vital decisions in the meeting that will set the agency’s future direction with regard to its enforcement policy. At the moment, the litigation SEC is facing the most backlash because of, is with Ripple.
The state regulator is accused of acting with prejudice by the crypto community. The SEC suffered a huge blow in the form of the summary judgment by the court in the Ripple lawsuit. In the summary judgment, the New York District Court decided that Ripple’s native XRP is not a security asset in itself.
Since the announcement of the summary judgment, the talks of the settlement between the SEC and Ripple have intensified. The reason is that the SEC may want to avoid the humiliation it could suffer if it loses the lawsuit. As for Ripple, the firm may also want to get rid of the lawsuit as soon as possible, considering the heavy legal expenses it is currently enduring.