BitBoy Weighs in on XRP Community Speculation about SEC Settlement
Ben Armstrong, also known as BitBoy, recently shared his thoughts on the growing speculation within the XRP community regarding the SEC “calling an emergency settlement” in the ongoing Ripple lawsuit.
The speculation arose following the announcement of SEC Chairman Gary Gensler’s resignation, set to take effect on January 20, 2025. Gensler oversees various enforcement actions, including the Ripple lawsuit, which has progressed to the appeal phase.
Some members of the XRP community are speculating that the appeal may be paused or dismissed following Gensler’s departure.
Insights from BitBoy on the Rumors
In a recent live video, BitBoy addressed the rumors. While acknowledging the speculation, he mentioned that he was uncertain about the claim’s validity and pledged to delve deeper into the matter.
The “emergency settlement” speculation stemmed from the SEC’s closed-door sessions discussing pending cases and injunctions, coinciding with Gensler’s resignation announcement on November 21.
Interestingly, the rumors surrounding the potential settlement contributed to a significant price surge in XRP, with the asset experiencing a 40% rally to reach $1.60 for the first time in three years.
Former SEC Lawyer Comments on Likely Ripple Appeal Dismissal
Marc Fagel, a former SEC legal representative, also shared his perspective on the situation. While acknowledging past fabricated reports about Ripple’s settlement discussions during SEC meetings, Fagel considered the current rumor to be more credible.
“The last 200 posts about SEC weekly meetings were completely made up, but this one is totally true,” Fagel stated.
Fagel highlighted that if the appeal were to be dismissed—an uncommon occurrence historically but still plausible—it would likely occur after the appointment and confirmation of the new SEC Chair. This timeline allows room for additional false reports and speculation leading up to the January 15 brief filing.
If the appeal is dismissed (which would be historically unusual but possible), it won’t happen until the new SEC Chair is appointed & confirmed. Which leaves plenty of time for bogus posts about weekly meetings and all sorts of craziness leading up to the January 15 brief filing.
— Marc Fagel (@Marc_Fagel) November 21, 2024
Notably, Gensler’s resignation date aligns with the inauguration of Donald Trump as the 47th president of the United States on January 20, 2025. During his presidential campaigns, Trump vowed to remove Gensler from office on his first day. However, Gensler has opted to step down on the same day as Trump’s inauguration.