SEC Calls Off Ripple Private Meeting: What Happened?
- The SEC has canceled its closed-door meeting with Ripple.
- Theories about the cancellation have surfaced.
- The price of XRP has dropped 8% since the cancellation.
The XRP community has experienced a whirlwind of emotions. Hope surged as a closed-door SEC meeting, potentially holding the key to a resolution in the long-running lawsuit with Ripple, loomed large. Speculation ignited, sending XRP prices soaring. However, those flames were quickly extinguished by the SEC’s abrupt cancellation of the meeting .
News of the cancellation sent shockwaves through the cryptosphere. Theories swirled about the reason behind it. Some speculated the SEC might be prioritizing the approval process for spot Ethereum ETFs, which recently received preliminary nods. Others worried it signaled a setback in the Ripple case. All is not lost, however, as an update on the SEC website provided a much-needed update on the meeting
Latest Update: Ripple SEC Meeting Postponed, Not Canceled
A recent development offers a glimmer of hope for XRP holders. New information suggests the meeting was not entirely canceled, but rather delayed by a week. The SEC website reportedly released a new Sunshine Act Notice mirroring the one for the July 18 meeting .
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This new notice details the same date, time, location, and closed-door status for a meeting scheduled one week later. Interestingly, the subject matter remains identical, with the sole exception being the absence of “Institution and settlement of injunctive actions” from the new notice.
This development suggests a potential postponement rather than a complete cancellation, offering a sliver of optimism for the XRP community. While the short-term outlook remains uncertain, the possibility of the meeting happening next week adds a new layer to this ongoing saga. However, this optimism stands in stark contrast to yesterday’s events.
XRP Takes a Hit as SEC Meeting Scrapped
While the agenda for the meeting did not explicitly mention Ripple or XRP, many had pinned their hopes on a potential settlement between the SEC and Ripple . However, the cancellation sparked widespread speculation and caused XRP prices to tumble over 8%. The timing of the meeting, coupled with the transfer, had fueled optimism among investors.
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After all, the SEC’s lawsuit against Ripple, which alleges that XRP is an unregistered security, has cast a long shadow over the cryptocurrency’s entire existence. A settlement could have provided much-needed clarity and potentially paved the way for wider adoption of XRP. However, with the meeting now “canceled”, those hopes had seemingly been dashed.
SEC Shifts Focus to Ethereum ETFs
Some market analysts suggest that the SEC’s focus may have shifted to the upcoming launch of spot Ethereum ETFs, given recent news of new approvals . Rather than focusing on a closed-door meeting, the SEC seemed to prioritize reviewing S-1 filings related to these Ethereum ETFs.
The recent update indicating that the closed-door meeting was delayed rather than canceled suggests that this shift in priority might be the reason. Consequently, the meeting has been postponed by a week.
While this realignment in priorities leaves XRP holders in a state of limbo, the community remains resolute. Despite the sharp price drop and ongoing uncertainties, there is continued belief in XRP’s long-term potential, reflecting a steadfast commitment amidst the evolving regulatory landscape.
On the Flipside
- Even if the meeting is rescheduled, the absence of “settlement discussions” from the new notice doesn’t guarantee an imminent resolution.
- Regardless of the meeting’s status, the SEC lawsuit continues to cast a shadow over XRP
Why This Matters
The back-and-forth around the SEC meeting with Ripple is a microcosm of the ongoing regulatory uncertainty plaguing the crypto space. A potential delay offers a temporary reprieve for XRP holders, but the missing reference to “settlement of injunctive actions” adds another layer of ambiguity.
To learn more about the ongoing Ripple vs. SEC lawsuit and its potential impact on cryptocurrency regulation, read here:
Ripple vs SEC Lawsuit: One Year Later, Crypto Awaits a Verdict
To learn more about the recent surge in XRP’s price and its connection to the ongoing lawsuit with the SEC, read here:
XRP Soars 61%: Is a Ripple Lawsuit Verdict Getting Priced In?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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