The U.S. Securities and Exchange Commission (SEC) holds a closed meeting on 10/7, reigniting the long-standing legal dispute with Ripple Labs over XRP.
This meeting related to the 'enforcement issue' has the cryptocurrency community hopeful that it may mark a turning point, or even the end of the SEC's appeal, thereby resolving years of legal uncertainties.
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The SEC's closed meeting on 10/7 may reveal an important legal turning point for Ripple and XRP.
Legal experts remind to be cautious, stating that closed meetings are often routine.
If Ripple wins the lawsuit, it could promote a new financial mechanism, especially upgrading the Fedwire system.
Is the SEC's closed meeting on 10/7 a sign of the end of the Ripple dispute?
The closed meeting focusing on the 'enforcement issue' indicates that the SEC may reconsider its long-running lawsuit against Ripple Labs. This is a significant event as this legal dispute has disrupted the XRP market for years. If the SEC withdraws its appeal, XRP will be freed from heavy legal pressure, paving the way for more stable development.
"Closed meetings are sometimes just administrative procedures, not necessarily containing breakthrough information, especially on weekends."
Marc Fagel, former SEC lawyer, July 2024
Lawyer Marc Fagel, a former SEC official, advises the cryptocurrency community not to get too hopeful. He emphasizes that weekend meetings often do not result in immediate major decisions.
What warnings do legal experts have about expectations for this meeting?
Marc Fagel warns that most closed meetings are procedural and rarely announce breakthrough results, especially weekend meetings. This illustrates that while the meeting on 10/7 attracts attention, it is not certain that the SEC will withdraw its appeal immediately.
Is it feasible to withdraw the appeal on a weekend?
Some opinions in the community analyze that legally, the SEC can completely withdraw its appeal even on a Saturday. Even AI tools like ChatGPT confirm that this possibility is indeed feasible.
Is XRP related to a major transformation in the financial system?
The XRP community hopes this is not only the final step in the dispute but also a signal for transformation in financial infrastructure, especially with the Fedwire upgrade based on DLT and ISO 20022 standards. Many investors believe that XRP will benefit significantly when Fedwire operates its new version.
"The price of XRP will break through a level that is currently difficult for us to predict."
Cryptocurrency users, July 2024
Will the end of the Ripple dispute lead to a new financial era?
Jazzy Q – a financial observer – predicts that Fedwire will officially operate the entire system on 14/7, and Ripple may be 'debt-free' as early as 13/7. This event could mark the beginning of a completely new financial system, although it also warns of the possibility that the market may experience significant volatility.
What will happen if the SEC does not respond after the meeting?
If the SEC stays silent or does not make a clear decision, many XRP holders are concerned that they will continue to be negatively affected by the opaque policies of the U.S. government, creating prolonged instability.
What comes next for XRP and Ripple after the 10/7 meeting?
The global cryptocurrency community is closely watching the SEC meeting with hopes of opening a new direction for Ripple. Regardless of the outcome, the meeting is an important indicator for the legal future and market fate of XRP.
Frequently Asked Questions
What is the SEC suing Ripple about? The SEC accuses Ripple Labs of selling XRP as an unregistered security, leading to a long-standing legal controversy. What could change for XRP after the 10/7 meeting? If the SEC withdraws its appeal, XRP could avoid significant legal risks and have a chance to recover value in the market. Why do closed meetings often not yield breakthrough results? Many closed meetings are procedural in nature, aimed at internal discussions and may not necessarily announce important decisions immediately. How does the Fedwire upgrade impact XRP? Upgrading the Fedwire payment system to DLT and ISO 20022 standards could increase the demand for XRP as an effective payment bridge. What will happen to XRP if the SEC remains silent? The SEC's lack of response will continue to create legal pressure and instability for holders, making it difficult to achieve long-term stability.
Source: https://tintucbitcoin.com/ripple-phien-sec-10-7-buoc-ngoat/
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