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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
XRP

BREAKING: SEC Vs Ripple Legal Battle Approaching End, Insider Reports

Ronaldo Marquez
by Ronaldo Marquez
6 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A significant regulatory milestone may be on the horizon for XRP and the wider crypto market in the US as reports suggest that the legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) is nearing its conclusion.

According to “well-placed sources” cited by FOX journalist Eleanor Terret, the case is currently in “the process of wrapping up,” with an outcome anticipated shortly.

Ripple Seeks Favorable Terms In SEC Lawsuit Settlement

The SEC initiated its lawsuit against Ripple in late 2020, accusing the company of selling its cryptocurrency, XRP, as an “unregistered security.” This legal action had significant implications for XRP, contributing to a prolonged downtrend in its price, which fluctuated between $0.30 and $0.50 for several years. 

Ripple, however, has consistently maintained that XRP should be classified as a digital currency rather than a security, positioning itself against the SEC’s assertions.

Related Reading: Senator Lummis To Reintroduce The ‘Bitcoin Act’ For 1 Million BTC Purchase

Sources indicate that the delay in reaching a resolution has stemmed from Ripple’s legal team negotiating more favorable terms in light of a prior August district court ruling. 

This ruling imposed a $125 million fine on Ripple and included a permanent injunction preventing the company from selling XRP to institutional investors.

Shifting Regulatory Winds In The US

Ripple’s legal strategy, according to Terret, appears to hinge on the argument that if the SEC’s new leadership is opting to clear the enforcement slate for previously targeted crypto firms, then it would be unjust for Ripple to continue facing penalties.

The complexity of the case is heightened by the SEC’s own uncertainties regarding potential wrongdoing. Accepting the Torres ruling as it currently stands would imply that Ripple admits to misconduct, a position that seems inconsistent with the SEC’s stance on regulatory clarity and enforcement in the crypto sector.

Related Reading: SEC Delays Spot XRP, Dogecoin, SOL And LTC ETFs—What’s Going On?

This coincides with a broader shift in regulatory focus under the new administration of President Donald Trump, who has signaled a more lenient approach toward cryptocurrency firms. 

The SEC has begun winding down legal actions against various players in the crypto market, such as Coinbase, Kraken, and Uniswap Labs, indicating a potential pivot towards fostering innovation rather than stifling it through aggressive enforcement.

Ripple
The daily chart shows XRP’s price volatility amid the broader market downtrend. Source: XRPUSDT on TradingView.com

At the time of writing, XRP is trading at $2.20, showing signs of recovery with a 1.2% increase in the 24-hour time frame.

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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