The ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC) persists despite several partial victories. The legal battle has been about the XRP token’s security status.
In a bid to conclude the three-year-long battle, the court has mandated both parties to explore a potential settlement and negotiate its terms. Numerous meetings have been scheduled between the involved parties to pursue a resolution. One of these crucial meetings is occurring today.
Ripple And SEC Set To Meet Behind Closed Doors
As part of the potential settlement between Ripple and the US SEC, a closed-door meeting is scheduled per the Sunshine Act Meetings on November 30. During this meeting, the two parties will address various issues.
Some topics to be discussed include initiating and resolving administrative proceedings, injunctive actions, litigation matters, and the overall resolution of claims. This private meeting marks a significant step toward the anticipated settlement, which is projected to conclude by 2024. Alongside the November 30 session, crucial dates in the settlement process are dispersed from February to April 2024.
The court has set a deadline for both parties to wrap up their remedies-related discovery by February 12, 2024. Subsequently, by March 13, 2024, the SEC is expected to submit its brief concerning these remedies.
As the defendant, Ripple will then have until April 12, 2024, to file its opposition to the SEC’s filing.
SEC Wants $770 Million
Settlement talks between Ripple and the SEC began roughly a month ago. However, the interesting point was the amount SEC demanded. The SEC wanted a $770 million fine, a stance contested by Ripple.
Legal experts, including pro-XRP attorney John Deaton, anticipate negotiations to bring this figure down. Deaton suggests that any settlement amount below $20 million would be a significant victory for Ripple.
Another pro-XRP lawyer, Jeremy Hogan, shares the view that Ripple aims to reduce the settlement figure to under $100 million. Regarding the settlement’s conclusion timeline, Deaton speculates that both parties may reach a resolution by July 2024.