As part of a potential settlement of the dispute between Ripple and the US Securities and Exchange Commission ( SEC ), the two sides will have to hold a closed-door meeting as part of the Sunshine Act negotiations. At the meeting scheduled for November 30, the two sides will address a number of issues. Some of the topics that should be discussed at this closed-door hearing include the initiation and settlement of administrative proceedings, the initiation and settlement of injunctions, litigation matters and the resolution of legal claims, as well as other matters that apply to inspections and enforcement proceedings.
Today's closed session is a step toward a settlement that should be completed by 2024. In addition to the November 30 date, other important dates related to the settlement are spread between February and April 2024. The court ordered both Ripple and the SEC to terminate their findings related to the remedies by February 12, 2024. The court then expects the SEC to issue its opinion regarding the remedies by March 13, 2024. The defendant, Ripple , will then have until April 12, 2024 to file objections to the SEC filing.
After both of these actions are taken, the court then gives the plaintiff, the SEC, until April 29, 2024 to file a response to Ripple's filing. The first information about the agreement between Ripple and the Securities and Exchange Commission appeared about a month ago. Even more interesting, however, was the amount the regulator demanded. The SEC demanded that the crypto firm pay a $770 million fine, which Ripple understandably resisted. According to legal experts such as pro- XRP attorney John Deaton, Ripple is likely going to negotiate that amount lower. Although there is no doubt that a fine will have to be paid as part of the settlement, Deaton believes that anything under $20 million would be a total win for Ripple. Pro-XRP lawyer Jeremy Hogan also said the crypto firm would drop the settlement amount below $100 million. As for when the settlement could be finalised, Deaton believes the two sides could reach a settlement by July 2024.
