- The SEC will hold its first closed-door meeting with pro-crypto acting Chair Mark Uyeda in charge, and the Ripple case is expected to feature prominently on the agenda.
- The XRP community has welcomed Uyeda, and his confirmation by Donald Trump led to a surge in the token’s price.
It’s been four years since the SEC filed charges against Ripple, and somehow, despite numerous court rulings, the case has yet to be fully settled. This could change soon, however, as the SEC readies for its first closed-door meeting under the leadership of pro-crypto acting chairman Mark Uyeda.
The meeting is scheduled for Thursday, according to the SEC website. The topics to be discussed will include:
- Institution and settlement of injunctive actions.
- Institution and settlement of administrative proceedings.
- Resolution of litigation claims.
- Other matters relating to examinations and enforcement proceedings.
It’s not the first closed-door meeting in which Ripple has been one of the main discussion topics. The XRP community has been hopeful that these meetings would yield positive outcomes and put the four-year nightmare to bed, but not much has changed.
However, there’s an air of fresh optimism with the upcoming one. The most significant difference is that at the helm of the agency is Uyeda, Trump’s pick for the acting chair. Uyeda has been a commissioner under the Gensler era, but, just like fellow Commissioner Hester “Crypto Mom” Peirce, he has often disagreed with the stances Gensler adopted and openly criticized the unwarranted crypto crackdown.
Uyeda may not be at the helm for long as Paul Atkins (also pro-crypto) has been nominated to take over, but he could leave a mark for XRP and all of the crypto with the Thursday meeting.
Uyeda’s first order of business as SEC boss was creating a new crypto task force, named ‘SEC Crypto 2.0,’ which is to be chaired by Crypto Mom Peirce to offer better regulatory clarity to crypto firms.
An End to the Ripple-SEC War?
The war between Ripple and the SEC has been long and damaging. However, through it all, the XRP community has rallied behind the California company and the token, and its faith has been rewarded. For one, Ripple had the SEC on the ropes last year, winning some key rulings, including managing to reduce the SEC’s initial demands for a fine from $2 billion to $125 million. The courts also sided with CEO Brad Garlinghouse in November and, most importantly, determined that XRP sales were not securities contracts.
However, the ultimate reward for XRP holders has been on the price charts. When former SEC chair Jay Clayton sued Ripple in December 2020, the token dipped to $0.22. Since then, it has gained 1,368% to trade at $3.2 at press time, following a 2.9% gain in the past day.
With Uyeda expected to end the witchhunt against Ripple, the next major landmark for XRP will be to secure a spot ETF, which many believe will be approved this year.
