Rumors about an undisclosed meeting between San Francisco-based blockchain company Ripple and the U.S. Securities and Exchange Commission (SEC) have been swirling through the Twitterverse like a digital wildfire. The meeting is supposed set to take place on May 8.
The speculation was sparked by a viral tweet from Blockchain Daily, which cites an unconfirmed source. It led to a frenzy of hope and anticipation within the XRP community.
However, Fox Business reporter Eleanor Terrett, who has been covering the case for a substantial period of time, has since doused the excitement by clarifying that the meeting is not going to happen, attributing it to the "Twitter rumor mill."
Ripple boss Brad Garlinghouse has repeatedly forecasted that the agency's lawsuit against his company would be resolved in the first half of this year.
A favorable outcome for Ripple could significantly impact the XRP market and potentially swing open the doors for further growth and adoption of the digital currency.The SEC took Ripple to court back in December 2020, causing a sharp drop in the price of the XRP token.
The nature of the agency's lawsuit against Ripple revolves around the company's sale of XRP tokens. The regulator claims that these tokens are unregistered securities.
Ripple has been fighting these allegations, arguing that XRP is a digital currency and not a security.
If the rumored meeting had taken place, it could have had significant implications for the ongoing legal battle between the two parties.
As of now, the legal dispute between Ripple and the SEC is still ongoing. While the rumored meeting might not be taking place, the outcome of the case remains a crucial development to watch in the coming months.