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US SEC Closed-Door Meeting: Implications for Ripple
According to reports, the U.S. Securities and Exchange Commission (SEC) may hold a crucial meeting to discuss key issues. These issues include the institution and settlement of injunctive relief and administrative proceedings, resolution of litigation claims, and enforcement proceedings. The back-to-back meeting has sparked speculation about potential implications for Ripple, Binance, and the cryptocurrency market.
SEC’s closed-door meeting sparks buzz in crypto community
The U.S. SEC recently convened a closed-door meeting on Thursday, July 11, as part of its normal routine to discuss matters of importance to the commission. However, another meeting scheduled for next week on June 18 has generated buzz in the crypto community, especially after the recent ruling in the Binance lawsuit and an important pending decision in Ripple vs SEC Lawsuit
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The back-to-back meetings have sparked speculation about the potential impact on Binance, Ripple, and the cryptocurrency market. Rumor has it that the meeting will focus on resolving the injunction or settlement claims with Ripple. Market participants are closely monitoring the developments and await any outcome of the meeting.
According to SEC MeetingCommissioners, Commissioners’ Counsel, the Secretary of the Commission and registration secretaries will participate in the meeting on July 18. The SEC’s closed-door meeting will cover the following topics:
- Institution and settlement of preliminary actions
- Institution and settlement of administrative proceedings
- Dispute resolution
- Other matters related to examinations and enforcement procedures.
Notably, SEC staff primarily discuss topics on these matters unless there is a change to the meeting agenda for publication in the Federal Register.
Read too: FTX Reaches Settlement with CFTC, Subordinated $4 Billion Claim
Recent Developments Related to Binance and Ripple
Binance has scored a major victory despite most arguments continuing to further hearings. The SEC failed to prove that the secondary sales of BNB were securities, winning legal support for Coinbase and Ripple. Coinbase and Ripple Labs are using the ruling to challenge the U.S. SEC’s regulatory stance on cryptocurrencies.
As the cryptocurrency market awaits Judge Torres’ final ruling on penalties and preliminary injunction, Ripple reflects on the anniversary of the historic summary judgment.
Meanwhile, Ripple lawyers and executives do not believe any settlement will happen with the SEC, as reported by CoinGape. XRP Price surged 18% this week as lawyers including Fred Rispoli anticipate a verdict coming this month.