The U.S. Securities and Exchange Commission (SEC) will convene a closed-door meeting on January 23, marking its first under Acting Chairman Mark Uyeda. The session is set to take place remotely or at the SEC’s headquarters in Washington, D.C., starting at 2:00 p.m. Eastern Time.
The announcement has sparked widespread speculation within the cryptocurrency community about potential developments in the long-standing Ripple lawsuit.
The SEC published a Sunshine Act notice on its website confirming the meeting, noting that the agenda includes resolving litigation claims, settlement of administrative proceedings, and other enforcement-related matters.
While the meeting will not be open to the public, commissioners, their legal teams, recording secretaries, and relevant staff are expected to participate.
Also Read: Mark Uyeda, Not Atkins, Takes Office as Acting SEC Chair
Ripple Case Speculation Amid Agenda Details
Including litigation resolution in the agenda has fueled discussions about a possible settlement in the Ripple case. The lawsuit, which began in December 2020, revolves around whether Ripple’s XRP token constitutes a security.
Members of the XRP community think Uyeda’s leadership at the SEC will help change the agency’s behavior. Several cryptocurrency advocates have asked Hester Peirce and other commissioners to reach a reasonable resolution for the digital currency sector.
Acting Chairman Uyeda, who succeeded Gary Gensler on January 20, is known for his critical stance on the SEC’s enforcement-driven approach to crypto regulation. In a recent interview, he called for a comprehensive regulatory framework to clarify the digital asset space. His appointment and the timing of the meeting have led to heightened expectations.
Former Officials Downplay Ripple Case Settlement Hopes
Despite the speculation, former SEC official Marc Fagel cautioned against overinterpreting the meeting’s significance. He noted that closed meetings are routine and involve decisions planned for weeks.
Fagel emphasized that the SEC commissioners are likely voting on matters initiated during Gensler’s tenure, with no guarantee of major announcements. The Ripple lawsuit remains with the Second Circuit Court of Appeals, where the SEC is challenging a District Court ruling that XRP’s programmatic sales and other distributions were not securities.
While Uyeda’s interim leadership may bring new perspectives, it remains unclear whether the commission will take steps to resolve the case.
Conclusion
As the SEC prepares for its first closed-door meeting under Acting Chairman Uyeda, attention remains focused on the Ripple lawsuit. While the agenda’s mention of litigation claims raises hopes, former officials have tempered expectations. The meeting outcome will likely reflect the SEC’s priorities under its new leadership.
Also Read: XRP Rockets by 47% Despite SEC Opening Brief, $10 Next?
