The U.S. Securities and Exchange Commission (SEC) has scheduled its first closed-door meeting under Acting Chairman Mark Uyeda for January 23, fueling speculation about potential developments in the ongoing Ripple lawsuit. The meeting, to be held remotely or at the SEC’s Washington, D.C. headquarters, will begin at 2:00 p.m. Eastern Time.
Agenda and Speculation
The SEC’s Sunshine Act notice confirmed that the meeting would address:
- Resolution of litigation claims
- Settlement of administrative proceedings
- Enforcement-related matters
This agenda has sparked optimism among XRP advocates, who see it as a possible sign of movement in the SEC’s lawsuit against Ripple Labs. Filed in December 2020, the lawsuit centers on whether Ripple’s XRP token is classified as a security.
Ripple Lawsuit and Uyeda’s Leadership
Acting Chairman Uyeda, known for his pro-crypto stance, succeeded Gary Gensler on January 20. Uyeda has been critical of the SEC’s enforcement-driven regulatory approach and has advocated for a comprehensive framework for digital assets.
This leadership change, combined with the meeting’s timing, has fueled speculation about a potential settlement in the Ripple case. Many in the cryptocurrency community have called for a resolution, with prominent advocates urging SEC commissioners like Hester Peirce to adopt a more constructive stance on crypto regulation.
Cautious Optimism
Former SEC official Marc Fagel offered a tempered view, noting that closed meetings are routine and typically address matters planned weeks. Fagel pointed out that the Ripple lawsuit remains in the Second Circuit Court of Appeals, where the SEC is appealing a District Court ruling that XRP’s programmatic sales and other distributions were not securities.
Given the case’s appellate status, some experts doubt that a major development, such as a settlement, will emerge from this meeting.
Ripple Case Context
The Ripple lawsuit has become a bellwether for crypto regulation in the United States. The case’s outcome could set a precedent for how digital assets are classified and regulated. Ripple CEO Brad Garlinghouse and the broader crypto community have argued for clearer guidelines to foster innovation and prevent regulatory overreach.
Conclusion
The January 23 meeting under Uyeda’s leadership has heightened anticipation within the cryptocurrency community. While the agenda’s mention of litigation claims raises hopes for progress in the Ripple lawsuit, former officials caution against overinterpretation.
Regardless of the meeting’s immediate outcome, Uyeda’s leadership could mark a turning point in the SEC’s approach to crypto regulation, potentially setting the stage for broader changes in the months to come.
