The ongoing legal conflict between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken another turn. The XRP Army’s attention is now shifting to a closed-door SEC meeting scheduled for Thursday, July 3 at 2 p.m. ET. While some in the crypto community speculate that this session could mark a pivotal moment in the case, others are urging caution, noting that such meetings are routine.
Will Ripple vs. SEC Case End On July 3?
A user posting under the alias RippleRadar stoked speculation on social media platform X. They wrote, “Ripple Legal Drama: Could July 3 Mark the Final Chapter? The SEC has a private meeting set for July 3 at 2PM ET to review potential case closures — fueling buzz they might drop the Ripple case.”
However, former SEC attorney Marc Fagel quickly dismissed the excitement. He said, “In other words, the meeting they hold every Thursday is being held Thursday. Tells us nothing about Ripple timing. Sorry.”
The SEC holds closed meetings each Thursday to discuss litigation and enforcement matters, but the contents of those sessions are confidential. Fagel added further clarification in response to suggestions that the Commission could fast-track a decision via a remote call.
He added, “Yeah, that’s not how it works. If they’re going to meet, they do it at the Thursday closed meeting. They have other ways to approve enforcement recommendations outside the usual meetings, which is possible here, but the public isn’t privy to this so it’s all speculation.”
These developments come amid Ripple Labs’ latest move to de-escalate the years-long courtroom battle. Ripple CEO Brad Garlinghouse confirmed that the company has formally chosen to withdraw its cross-appeal in the lawsuit over XRP’s status as a security.
“We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value,” Garlinghouse stated via X. He added that the SEC is also expected to drop its appeal, which they had earlier signaled.
Meanwhile, the announcement follows a critical court ruling issued by the U.S. District Judge Analisa Torres on June 26. Judge Torres denied the SEC’s motion to revise financial penalties previously imposed on Ripple and rejected its request to eliminate an injunction mandating compliance with securities laws going forward.
Now, with both sides showing signs of stepping away from prolonged litigation, speculation continues to swirl about whether the July 3 SEC meeting will contain any definitive resolution. Thus, observers await formal action or silence from the agency.
