- As the SEC rescheduled the closed meeting for July 25, the XRP community expects an imminent settlement in the case.
- Former SEC securities lawyer Marc Fagel dismisses anticipation of the potential resolution.
- Fagel posits that the case is less likely to settle, adding that settlement is not usually considered during a closed meeting.
A rescheduled closed meeting at the Securities and Exchange Commission (SEC) has ignited renewed hope within the XRP community for a potential settlement in the ongoing legal battle with Ripple Labs. However, former SEC securities lawyer Marc Fagel has tempered expectations, emphasizing a lack of concrete evidence to support such a development.
Further reiterating his view, Fagel stated that it is unlikely to bring resolution to a complicated case like Ripple’s at this point. He added that the settlement of a case is not usually considered during a closed meeting. Elaborating on the low possibility of the settlement, he cited:
“If the enforcement staff had negotiated a settlement with Ripple, they would have notified the court to prevent the issuance of the remedies ruling while awaiting SEC approval.”
The community has long awaited the end of the protracted lawsuit, which began in 2020. Though the initial cancellation of the closed meeting disappointed the community, the anticipation of an ultimate agreement in the case has been rekindled as the regulators rescheduled the meeting for July 25.
Analysts and industry experts have previously hinted at the settlement of the case, especially following the SEC’s move on the closed meeting. In a recent Bloomberg interview, Ripple CEO Brad Garlinghouse shared his optimistic views on the lawsuit, commenting that the case would be resolved “very soon.” While celebrating the first anniversary of Judge Analisa Torres’s landmark ruling, Ripple CLO Stuart Alderoty has also echoed the sentiment.
However, Fagel’s statement leaves the community uncertain about the result of the SEC’s closed meeting. Providing insights on the final judgment of the remedies phase, Fagel asserted that the upcoming weeks are crucial.
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