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- The U.S. Securities and Exchange Commission (SEC) has rescheduled a closed meeting, igniting speculation about its implications for the Ripple case.
- Lawyer Bill Morgan has dismissed any speculation, indicating that the meeting does not pertain to the Ripple vs. SEC lawsuit.
- Former SEC attorney Marc Fagel has confirmed that neither party is currently pursuing a settlement in the case.
Stay updated on the latest developments in the Ripple XRP case as legal experts provide insights into the ongoing SEC lawsuit.
SEC Rescheduling: What Does It Mean for Ripple?
The SEC’s decision to reschedule a closed meeting initially set for July 18 to July 25 has led to widespread curiosity in the crypto community. Many were hopeful this could signify a pivotal movement in the protracted Ripple case. However, any perceived connections between this meeting and the lawsuit can be misleading.
XRP Lawyer Dispels Settlement Hopes
Bill Morgan, a noted lawyer in the Ripple community, firmly asserted that the upcoming SEC meeting does not concern the Ripple vs. SEC case. This declaration effectively quashed any budding hopes for a near-term settlement, reiterating that the case remains in a holding pattern awaiting the judicial system’s next steps.
Ongoing Legal Battle: Insights from Former SEC Lawyer
Former SEC attorney Marc Fagel has been vocal about the ongoing situation. Echoing Morgan’s statements, Fagel emphasized that neither the SEC nor Ripple is actively pursuing a settlement at this time. Instead, both parties are awaiting conclusions from the district court on specific remedies.
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Ripple Case Background and Current Status
The legal saga between Ripple and the SEC, which began in December 2020, revolves around allegations by the SEC that XRP constitutes a security. Ripple and key figures in the crypto world have consistently refuted this claim. Despite partial victories for Ripple in 2023, key issues, specifically those involving investment contracts sold to institutions, remain unresolved.
Ripple CEO’s Perspective
Brad Garlinghouse, CEO of Ripple, remains cautiously optimistic about the resolution of the case. While a previous ruling clarified some aspects of the legal battle, the complete resolution is still pending. Garlinghouse’s insights are invaluable, highlighting the ripple effects of the case’s outcome on regulatory approaches to digital assets.
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Conclusion
As the rescheduled meeting date edges closer, the crypto industry remains vigilant. However, legal experts like Bill Morgan and Marc Fagel make it clear that no immediate resolution should be expected from this particular event. The Ripple vs. SEC case continues to be a crucial storyline in the broader regulatory landscape for cryptocurrencies, with significant implications depending on its eventual outcome.
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