The long-running legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) may come to an end this week. The SEC has scheduled a closed-door meeting for Thursday, July 18, 2024. Sources say the meeting is aimed at ending the lawsuit against Ripple.
What is known?
According to rumors, the lawsuit will end in a settlement. These rumors have become via X It was raised by Brett Hill of cryptocurrency exchange Bitrue. He shared a screenshot of the SEC announcement on Saturday and added the following:
‘Boom! Closed executive meeting at their Washington headquarters this Thursday (July 18, 2024)! Reliable sources tell us this meeting is related to the Ripple vs SEC decision and the conclusion of the lawsuit!
The SEC’s official announcement does not specifically mention the Ripple case. However, the topics up for discussion include “institution and settlement” and “litigation resolution.” While not definitive, these terms suggest that the meeting may discuss important developments in the Ripple case.
End of Ripple lawsuit?
The lawsuit is currently in its final stages, which will determine how much money Ripple must pay the SEC. The SEC is seeking a fine of $102.6 million, which is significantly less than the original request of around $2 billion. However, Ripple has proposed a maximum fine of $10 million, which the SEC has rejected.
It’s still unclear whether a settlement will be reached. Some pro-XRP lawyers say the chances of a settlement are low. A settlement would put an end to the long legal battle, but it would only work if both sides agree on the amount. We’ll be watching the situation closely this week.
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