Unclear SEC notification seem to have set up XRP financial backers' expectations of a settlement with Wave, however no such gathering occurred for this present week.
This week, there was widespread speculation that Ripple Labs was close to reaching a settlement agreement with the U.S. Securities and Exchange Commission. However, XRP has since fallen back to $0.56 after regulators announced the cancellation of a closed-door meeting.
Investor speculation that a private SEC meeting was connected to Ripple, the crypto payments company associated with XRP, appears to have driven the rally early in the week, which briefly made XRP the sixth-largest cryptocurrency globally in terms of market capitalization.
The agenda items "institution and settlement of injunctive actions" and "resolution of litigation claims" were mentioned in the meeting notice, but neither XRP nor Ripple Labs were named.
On Wednesday, July 17, in anticipation of the meeting that was scheduled for the following day, XRP rose throughout the day. After another SEC notice announced the meeting's cancellation, the price reversed course and began to fall overnight.
The price of XRP has started to rise again, but it has continued to fall throughout Thursday and early Friday. XRP is currently trading at $0.58, up 24% over the previous week.
A Wave Labs representative affirmed to Decode on Friday that the firm "didn't meet with the SEC this week."
A new closed-door meeting on July 25 was posted by the SEC in yet another notice. Despite the absence of "institution and settlement of injunctive actions," the agenda for this meeting includes several of the same items as the one for the meeting that was canceled on July 18.
Despite the fact that none of the SEC notices mention Ripple Labs' involvement, many crypto investors have interpreted them as a sign that the legal wrangling that has been going on for years may be coming to an end. Influencers on social media have been spreading speculative tweets about the meetings, sometimes linking them to the Ripple case without providing any evidence.
In 2020, the Securities and Exchange Commission (SEC) filed a $1.3 billion lawsuit against Ripple Labs, claiming that the XRP-related fintech company sold the token without registering it as a security. Ripple proposed a fine of $10 million in April after years of protracted legal battles, including a partial victory for Ripple last fall; In response, the SEC proposed a $2 billion fine.
A few thoughts as the one-year anniversary of Judge Torres' decision in the SEC v. Ripple lawsuit approaches.
First and foremost, the legal determination that a token—in this case, XRP—is not a security was a turning point.
This... https://t.co/0gh0EYhFZO
In a recent tweet, Ripple Chief Legal Officer Stuart Alderoty stated that the company is awaiting court intervention, but that the "court’s ruling that XRP is not a security will not change" and that "even the SEC told the court it will not challenge that conclusion."
The SEC's lawsuit may help to clarify the regulator's jurisdiction over digital tokens, which could have significant repercussions for the cryptocurrency industry as a whole.
This week, there was widespread speculation that Ripple Labs was close to reaching a settlement agreement with the U.S. Securities and Exchange Commission. However, XRP has since fallen back to $0.56 after regulators announced the cancellation of a closed-door meeting.
Investor speculation that a private SEC meeting was connected to Ripple, the crypto payments company associated with XRP, appears to have driven the rally early in the week, which briefly made XRP the sixth-largest cryptocurrency globally in terms of market capitalization.
The agenda items "institution and settlement of injunctive actions" and "resolution of litigation claims" were mentioned in the meeting notice, but neither XRP nor Ripple Labs were named.
On Wednesday, July 17, in anticipation of the meeting that was scheduled for the following day, XRP rose throughout the day. After another SEC notice announced the meeting's cancellation, the price reversed course and began to fall overnight.
The price of XRP has started to rise again, but it has continued to fall throughout Thursday and early Friday. XRP is currently trading at $0.58, up 24% over the previous week.
A Wave Labs representative affirmed to Decode on Friday that the firm "didn't meet with the SEC this week."
A new closed-door meeting on July 25 was posted by the SEC in yet another notice. Despite the absence of "institution and settlement of injunctive actions," the agenda for this meeting includes several of the same items as the one for the meeting that was canceled on July 18.
Despite the fact that none of the SEC notices mention Ripple Labs' involvement, many crypto investors have interpreted them as a sign that the legal wrangling that has been going on for years may be coming to an end. Influencers on social media have been spreading speculative tweets about the meetings, sometimes linking them to the Ripple case without providing any evidence.
In 2020, the Securities and Exchange Commission (SEC) filed a $1.3 billion lawsuit against Ripple Labs, claiming that the XRP-related fintech company sold the token without registering it as a security. Ripple proposed a fine of $10 million in April after years of protracted legal battles, including a partial victory for Ripple last fall; In response, the SEC proposed a $2 billion fine.
A few thoughts as the one-year anniversary of Judge Torres' decision in the SEC v. Ripple lawsuit approaches.
First and foremost, the legal determination that a token—in this case, XRP—is not a security was a turning point.
This... https://t.co/0gh0EYhFZO
In a recent tweet, Ripple Chief Legal Officer Stuart Alderoty stated that the company is awaiting court intervention, but that the "court’s ruling that XRP is not a security will not change" and that "even the SEC told the court it will not challenge that conclusion."
The SEC's lawsuit may help to clarify the regulator's jurisdiction over digital tokens, which could have significant repercussions for the cryptocurrency industry as a whole.
