Ripple and SEC Lawsuit: Solution Possible at Closed Meeting July 25

Bittime - Ripple CEO Brad Garlinghouse has indicated that the company may soon settle its long-running lawsuit with the SEC. Speculation suggests that a settlement could be announced after a closed-door meeting with the SEC next week, which is scheduled for July 25.

Ripple and SEC Lawsuit: What Happened?

The main challenge in the case between Ripple and the SEC is whether the company's native cryptocurrency, XRP, is an unregistered security. The SEC alleged that Ripple illegally raised $1.3 billion through the sale of XRP, leading to a lawsuit against Garlinghouse, co-founder Chris Larsen, and Ripple Labs in 2020. Despite these allegations, XRP has risen to become the fourth-largest cryptocurrency by market capitalization .

Garlinghouse recently avoided confirming ongoing settlement talks but expressed optimism about resolving the legal issues. Meanwhile, Ripple Chief Legal Officer Stuart Alderoty noted the warning of mixed court rulings, saying that while the case is not yet fully resolved, the court's ruling that XRP is not a security remains unchanged.

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SEC Closed Meeting

The SEC's upcoming closed-door meeting will discuss a variety of topics, including potential settlement and resolution of litigation claims. Although some in the crypto community speculated that this meeting could result in an announcement, this meeting has been rescheduled from last week.

Additionally, former SEC attorney Marc Fagel has clarified that there are currently no active settlement negotiations, and both Ripple and the SEC are awaiting the court's final decision on the solution of the case.

XRP Surge Amid Market Rally and Election Speculation

Ripple's influence on the price of XRP remains a point of contention within the crypto community. The company periodically releases XRP from escrow accounts, with 80% of the tokens locked back and the remaining 20% ​​sold to support operations.

XRP has jumped more than 16% in the last week, reaching around 60 cents, in line with the broader Cryptocurrency Market rally which is influenced by the expectations of more favorable regulatory conditions if Donald Trump won the US presidential election.

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The Future of Ripple and XRP

The final decision in this case could have a significant impact on the future of Ripple and the entire crypto industry. If XRP is finally recognized as a security, it could create a precedent for many other cryptocurrencies. However, if Ripple manages to prove that XRP is not a security, this could be a huge win for the company and the entire crypto community.

Closing

In conclusion, the SEC closed meeting on July 25 could be a watershed moment in the Ripple and SEC saga. The crypto community is anxiously awaiting the outcome, hoping for a resolution that could bring further clarity and stability to the crypto market.

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