Ripple XRP Case Update: Lawyer Dismisses SEC Meeting And Settlement Link

Highlights

The SEC has rescheduled a closed meeting, sparking speculation about its impact on the Ripple case.
XRP lawyer Bill Morgan clarified that the meeting is unrelated to the Ripple vs. SEC case settlement.
Former SEC lawyer Marc Fagel echoes this sentiment, noting no current pursuit of settlement by either party.

Ripple XRP Case Update: The U.S. Securities and Exchange Commission (SEC) has recently rescheduled a closed meeting after the last one got cancelled, prompting speculation about its potential impact on the ongoing Ripple case. While some in the crypto community saw this as a possible sign of progress in the long-running legal battle, prominent XRP lawyer Bill Morgan has gone ahead quickly to dispel such notions being put out.

XRP Lawyer Dispels Speculation Over Upcoming SEC Meeting

The U.S. Securities and Exchange Commission (SEC) has announced the rescheduling of a closed meeting from July 18 to Thursday, July 25. This announcement has sparked speculation within the cryptocurrency community, particularly among those following the ongoing case.

The SEC’s publication outlined three main topics for the closed meeting: institution and settlement of administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings. Notably, the first item regarding the “settlement of administrative proceedings” was underlined in the announcement, leading some to question its significance.

Regarding this new Ripple XRP case update, lawyer Bill Morgan addressed the speculation surrounding this meeting. Despite rising conjecture that this could signal the conclusion of the long-standing case, Morgan firmly stated that the meeting “Doesn’t apply to Ripple v SEC.”

Amid all of these happenings, the crypto community has been closely watching for any developments in the Ripple case, which has prolonged for quite some time, the case has been ongoing since December 2020. However, Morgan’s statement appears to pour cold water on hopes that this particular SEC meeting might bring about a resolution to the high-profile legal battle.

Dismissals of Ripple lawsuit settlement speculation in the case are not new. Marc Fagel, a former SEC lawyer, has previously addressed such rumors. He has maintained his stance that neither party is currently pursuing a settlement. Instead, both parties are awaiting the district court’s decision in the remedies phase of the case.

As the rescheduled meeting approaches, the cryptocurrency market continues to watch closely in anticipation for any potential impacts on XRP and the broader digital asset landscape. Despite the dismissal from a key legal figure in the XRP community, the SEC’s actions remain under scrutiny as the case continues to unfold.

Also Read: Bitcoin ETF Inflow: Fidelity Overtakes BlackRock In Surprise Move

Ripple XRP Case Nears Resolution

Ripple CEO Brad Garlinghouse has expressed expectations for a resolution to the longstanding case with the SEC in recent interviews. The legal dispute, which began in December 2020, centers on the SEC’s assertion that XRP is a security, a stance opposed by them and much of the crypto community.

Garlinghouse noted that while a judge’s ruling last year was able to provide clarity on certain aspects, the question of investment contracts sold to institutions remains the final piece to be resolved. They were able to gain a partial victory in 2023, which is therefore expected to have a significant implication for how regulators view crypto assets.

XRP Price Outlook

XRP price is currently trading at $0.59 as of today, with a 24-hour trading volume of $1.79 billion. The cryptocurrency has seen a significant surge of 7.89% in the past 24 hours. XRP’s price has fluctuated between a high of $0.60 and a low of $0.57 during this period. The live market capitalization of XRP stands at $33.26 billion.

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