22nd January 2025 – (New York) The U.S. Securities and Exchange Commission (SEC) is set to convene its first closed-door meeting under acting Chairman Mark Uyeda on 23rd January, fuelling speculation regarding a potential resolution to the protracted lawsuit involving Ripple Labs. This meeting comes in the wake of Gary Gensler’s resignation and will address a range of litigation claims, administrative settlements, and enforcement proceedings.
Scheduled for 2pm ET, the meeting will take place remotely or at the SEC headquarters in Washington, D.C. While these sessions are routine, the agenda’s focus on “litigation claims” has raised hopes within the Ripple community for a breakthrough in their ongoing legal battle, which has persisted since December 2020.
Uyeda, known for his pro-crypto stance, presides over the meeting, which some analysts view as a critical juncture for the cryptocurrency industry. His tenure has been marked by a push for clearer regulatory frameworks, contrasting sharply with the SEC’s traditionally stringent enforcement approach. The anticipation surrounding this meeting has been amplified by the expectation that Uyeda may advocate for a settlement in the Ripple case, particularly following a recent court ruling that favoured Ripple by classifying its programmatic XRP sales as non-securities.
However, caution is advised. Former SEC official Marc Fagel noted that closed meetings occur weekly and seldom result in significant announcements. This sentiment was echoed by FOX Business journalist Eleanor Terrett, who urged the XRP community to temper their expectations.
As the Ripple case currently resides in the Second Circuit Court of Appeal, with the SEC seeking to overturn the prior favourable ruling, the outcomes of the January 23 meeting could have far-reaching implications for cryptocurrency regulation in the United States. Stakeholders across the industry will be closely monitoring developments as they await updates from this pivotal session.
