As a seasoned crypto investor with a fair share of experience in following the Ripple (XRP) saga closely, I find myself both intrigued and skeptical about the recent rumors regarding a potential settlement between Ripple and the US Securities and Exchange Commission (SEC). Given my past observations, I’ve learned to take such rumors with a grain of salt.
As a crypto investor closely following the developments between Ripple and the US Securities and Exchange Commission (SEC), I’ve come across rumors suggesting a potential settlement could be discussed during a closed meeting on July 18. However, these hopes have been dampened by Marc Fagel, a former SEC regional director and pro-XRP lawyer. According to Fagel, the chances of a settlement being tabled in this specific meeting are extremely slim.
Ripple-SEC Settlement Is Highly Unlikely
The speculation about the SEC’s decision in its private meeting with Ripple began when Bitrue’s representative Brett Hill shared unconfirmed information on social media platform X. He indicated that the meeting could potentially bring an end to the ongoing legal dispute between Ripple and the regulatory body, based on “reliable sources.” However, the SEC’s announcement screenshot he provided did not explicitly reference the Ripple case.
“In response to the widespread rumors, Marc Fagel jokingly remarked that this latest meeting was the long-awaited settlement discussion, despite there having been over a hundred such gatherings since the case was initiated. However, it turns out that this wasn’t the one.”
The SEC’s announcement reveals that the agenda for the upcoming meeting will tackle various aspects of enforcement proceedings. These areas include instating and wrapping up injunctive actions, administrative hearings, resolving litigation claims, and related matters. While it’s possible that the agenda might involve a settlement with Ripple, there is currently no definitive proof to support this assumption.
As a researcher studying the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), I’ve come across another perspective from lawyer Fred Rispoli. Unlike some other pro-XRP lawyers, Rispoli has proposed a potential resolution timeline, suggesting July 31 as a possible date. However, he cautions that a pre-judgment settlement is an unlikely scenario in this case.
Since last December, the Securities and Exchange Commission (SEC) has been locked in a legal battle with Ripple over alleged securities law violations. Currently, the two parties are in limbo, awaiting a decision from Judge Analisa Torres regarding remedies and penalties.
The Securities and Exchange Commission (SEC) is proposing a fine of $102.6 million against Ripple, which is significantly less than the initial demand for nearly $2 billion. In response, Ripple has suggested limiting the penalty to just $10 million, using the Terraform Labs case as a comparison. However, the SEC has rejected this proposal in its rebuttal brief, arguing that such a small penalty would not meet the goals of civil penalty laws.
XRP Price Gains Momentum
Over the last 12-day span, XRP‘s price has jumped from $0.38 to above $0.61, representing a substantial 61% rise. Bitcoin initiated the overall cryptocurrency market rebound, yet XRP distinguished itself as one of the leading gainers throughout this timeframe. No definitive news catalyst can be identified for this price escalation. However, XRP’s promising technical chart configuration and potentially impactful settlement rumors may have played influential roles in fueling such a noteworthy rise.
At press time, XRP traded at $0.61551.
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2024-07-17 20:10