In a pivotal turn of events, the U.S. SEC is set to convene a confidential meeting today to address crucial matters, with a keen focus on resolving ongoing legal disputes.
While the official announcement from the regulator does not explicitly mention Ripple or XRP, it has triggered a wave of speculation among XRP investors regarding the potential outcome of the protracted legal standoff.
Godfrey BenjaminThe current status of the legal battle, extensively detailed by U.Today previously, underscores the impending deadline for Ripple and the SEC. The first decade of February 2024 marks the cutoff for completing remedy-related discovery, after which the regulator must file briefs outlining required remedies.
Ripple then has a month to formulate objections, leading up to a pending ruling on the proposed remedy. The market's watchdog retains the opportunity to respond to the crypto company's objections by the last week of April.
Main hurdles
At the core of the current dispute lies the substantial fine levied on Ripple in the middle of summer. Despite acknowledging XRP turnover on the secondary market as nonsecurity turnover, Ripple faced a hefty fine exceeding $700 million due to transactions with legal entities.
Gamza KhanzadaevThe question of a potential settlement remains contentious among experts in cryptocurrency regulation. Some argue that an out-of-court resolution would favor the SEC, while others maintain that the parties are still far from reaching a compromise.
Arman Shirinyan
Alex Dovbnya
Dan Burgin