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Ripple vs. SEC: Will Closed Door Meeting Offer Legal Clarity
The Ripple case will be in the spotlight on Thursday, May 29, as the SEC holds its final scheduled closed meeting of 2025, according to the SEC’s Meeting and Events page.
Legal uncertainty surrounding the case continues to weigh on XRP. On May 15, Judge Torres denied the SEC’s motion for an indicative ruling on lifting the ban on XRP sales to institutional investors and reducing the $125 million penalty. XRP slid from $2.5712 to a May 28 low of $2.2269 after the ruling.
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The upcoming meeting could be crucial. SEC Commissioners may vote on whether to file a procedurally sound motion for an indicative ruling. Judge Torres also cited a failure to adequately demonstrate how a settlement serves the public and institutional investors. Legal experts interpret her comments as a prompt for the SEC to publicly acknowledge that its stance in the Ripple case was flawed and that XRP was not a security in institutional sales.
The SEC may also state that XRP was not a security in Programmatic Sales. Judge Torres previously ruled that such sales did not meet the third prong of the Howey Test. A favorable ruling could lead both sides to withdraw their appeal and cross-appeal, closing a lengthy legal chapter.
A lack of communication after the closed meeting may dampen investor confidence. However, a new joint filing that convincingly demonstrates that a settlement benefits institutional investors and the public could trigger an XRP rally.
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