The Ripple battle with the United States Securities and Exchange Commission (SEC) over the security status of the XRP token is yet to come to an end even after multiple partial victories. In an effort to end the three-year-long battle, the court has ordered that both parties consider a settlement and work out the terms of that settlement. To this end, multiple meetings between both parties have been arranged and one of those meetings is taking place today.
Ripple And SEC To Meet Behind Closed Doors
As a part of the potential settlement between Ripple and the US SEC, both parties will have to conduct a closed-door meeting which comes as part of the Sunshine Act Meetings. The meeting scheduled for November 30 will see the two parties hash out a number of issues.
Some of the topics expected to be discussed in this closed-door meeting include the institution and settlement of administrative proceedings, the institution, and settlement of injunctive actions, matters related to the litigation and the resolution of the litigation claims, as well as other matters that relate to the examinations and enforcement proceedings.
The closed-door meeting being held today is a step toward a settlement that is expected to be completed by 2024. In addition to the November 30 date, other important dates relating to the settlement are spread from February to April 2024.
The court has ordered both Ripple and the SEC to have their remedies-related discovery concluded by February 12, 2024. Then by March 13, 2024, the court expects the SEC to file its brief with regard to these remedies. The defendant, Ripple, will then have until April 12, 2024, to file its opposition to the SEC’s filing.
Once both of these things are done, the court then gives the plaintiff, the SEC, until April 29, 2024, to file a response to Ripple’s filing.
SEC Wants $770 Million
The first talks of a settlement between Ripple and the SEC emerged around a month ago. But even more interesting was the amount that the regulator was demanding. The SEC had demanded that the crypto firm pay $770 million in fines, a move that Ripple has understandably opposed.
According to legal experts such as pro-XRP attorney John Deaton, Ripple is likely going to negotiate this figure down. Although there is no doubt that a fine would have to be paid in the settlement, Deaton believes that anything below $20 million would be a complete win for Ripple. Pro-XRP lawyer Jeremy Hogan has also said that the crypto firm would bring the settlement figure under $100 million.
As for when the settlement might be concluded, Deaton believes that both parties could come to a resolution by July 2024.
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