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US SEC Closed Door Meeting: Implications For Ripple, Binance, Crypto Market

US SEC closed door meeting is triggering massive reaction in the ecosystem as it concerns Ripple, Binance, and the crypto market
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US SEC Closed Door Meeting: Implications For Ripple, Binance, Crypto Market

Highlights

  • US SEC back-to-back closed-door meeting sparked speculation on potential implications the crypto market.
  • The meeting is rumored to focus on either resolving injunction claims or settlement with Ripple
  • The speculation arises due to recent decision in Binance lawsuit.
  • XRP price rallied over 18% in a week ahead key decision.

According to reports, the United States Securities and Exchange Commission (SEC) to conduct a crucial meeting to discuss key issues. These issues include institution and settlement of injunctive actions and administrative proceedings, resolving litigation claims, and enforcement proceedings. The back-to-back meeting has sparked speculation on potential implications for Ripple, Binance, and the crypto market.

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SEC Close Door Meetings Sparks Buzz In the Crypto Community

The US SEC recently convened a closed-door meeting on Thursday, July 11 as part of normal routine to discuss key matters essential for the commission. However, another meeting scheduled next week on July 18 has sparked a buzz in the crypto community, especially after the recent decision in Binance lawsuit and a major pending ruling in Ripple vs SEC lawsuit.

The back-to-back meetings prompted speculation about the potential impact on Binance, Ripple, and the crypto market. The meeting is rumored to focus on either resolving injunction claims or settlement with Ripple. Market participants are closely monitoring developments and await any outcome from the meeting.

As per the SEC meeting, Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the meeting on July 18. The matter of the SEC closed-door meeting is on topics:

  • Institution and settlement of injunctive actions
  • Institution and settlement of administrative proceedings
  • Resolution of litigation claims
  • Other matters relating to examinations and enforcement proceedings.

Notably, the SEC officials mostly discuss topics on these matters unless a change in the meeting agenda for publication in the Federal Register.

Also Read: FTX Reaches Settlement With CFTC, $4B Claim Subordinated

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Recent Developments Related to Binance and Ripple

Binance achieved a major win, despite most of the arguments proceeding for further hearings. The SEC failed to prove that BNB’s secondary sales were securities, winning legal support for Coinbase and Ripple. Coinbase and Ripple Labs are using the ruling to challenge the US SEC’s regulatory stance on crypto.

As the crypto market awaits Judge Torres’ final judgment over penalties and injunction, Ripple reflects on the anniversary of the landmark summary judgment.

Meanwhile, lawyers and Ripple executives don’t believe any settlement to happen with the SEC, as reported by CoinGape. XRP price has skyrocketed 18% this week as lawyers including Fred Rispoli anticipate the verdict to come this month.

Also Read: XRP Skyrockets Over 17%, Here’s The Next Level

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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