SEC Closed-door Meeting Spikes Price, Fenasbac Chooses Ripple’s, XRP Ledger
The cryptocurrency community has awakened to a memo from a closed-door meeting slated for the 1st of August, 2024, by the United States Securities and Exchange Commission (SEC). An independent blockchain researcher, Collin Brown, said that the scheduled meeting could lead to both parties permanently resolving their age-long legal tussle.
The details of the shared document say it was drafted on the 25th of July and signed by SEC’s secretary, Vanessa Countryman. The meeting is scheduled at SEC headquarters in Washington, United States, but attendees are expected to participate remotely. Contained in the memo are four bullet points that represent points for discussion.
Among the top items on the list are the settlement terms and the institution involved in the injunctive actions. Others are settlement arrangements and the institution involved in administrative proceedings, topics relating to examinations, settling litigation claims, and the effective enforcement of all proceedings.
Ripple Community Believes Outcome of the Meeting May Spike Price
After the memo was released, the XRP community expressed their optimism about the outcome of the closed-door meeting. Most of them believe this will be an opportunity for the SEC to finally come up with an appropriate penalty for Ripple that will officially end the litigation case between both parties. Brown took to his X handle to upload Sunshine Act Notice, urging traders to stock up for the next major price move.
He was also optimistic that the said tussle will be over after the meeting. Like the rest of the Ripple community, Brown believes that settling the rift between SEC and Ripple could trigger a bullish run. He (Brown) has suggested that this would be a good time for altcoin investors to accumulate as many XRP tokens as possible and prepare for the next bull run.
Recall the XRP shot up by 72% in July amid the first speculation about some earlier closed meeting slated for the 18th of July but was later canceled due to undisclosed circumstances. Historical price analysis from TradingView says that the XRP had rallied all through July, increasing from $0.38249 – to $0.65806 before slightly pushing back to its former $0.60835 as of press time.
Ripple Partners Brazilian Fenasbac for an Enhanced Fintech Operation
In other news, Ripple has partnered with the Brazilian National Federation of Associations of Central Bank Servers (Fenasbac) to enhance fintech operations in Brazil. The partnership will target Fenasbac’s blockchain accelerator program, “Next.”
Ripple says it decided to recognize the county’s cryptocurrency-friendly policies, which are surrounded by an efficient community of developers because of the country’s investment in that area. Speaking on behalf of Ripple, the Managing Director of LATAM at Ripple, Silvio Pegado, in his speech earlier today, says that Brazil is the significant investment target in financial services innovation and blockchain technology.
In his speech, Pegado said that the company believes that Brazil has what it takes to deliver a conducive cryptocurrency environment that encourages both progressive policies in the blockchain sector and the advancement of blockchain technology.
Fenasbac’s Innovation Director Excited Promises Fast Implementation
He added that Ripple sees the company as an industry pioneer and qualified as a catalyst for transforming international financial services. In his response, Fenasbac’s Innovation Director, Rodrigo Henriques, expressed excitement, commenting on the company’s choice of Brazil for the partnership.
He stated that he would expedite the adoption of blockchain and support programs that would encourage financial innovation in Brazil. Henriques says he’s optimistic that the partnership will bring about significant economic transformation to the country’s financial sector by attracting stakeholders from around the world to the country’s financial sector.
As of press time, XRP’s market capitalization stood at $32,467,159,044, with a 7.82% drop in the last 24 hours. The token’s trading volume recorded a 17.29% drop, representing $1,978,183,877 in the previous 24 hours. The token has maintained a circulating supply of 55,960,868,753 XRP and is still ranked #7 on the CoinMarketCap platform.
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