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XRP lawsuit Ripple SEC

XRP Lawsuit: Experts Quash Ripple-SEC Settlement Rumors

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the XRP lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC), speculation regarding a potential settlement has been met with skepticism and outright dismissal by several legal authorities closely monitoring the case. This development follows a recent court ruling mandating Ripple to furnish comprehensive financial records related to its institutional sales of XRP for the years 2022 and 2023, a decision that has inadvertently stoked rumors of an impending settlement.

The recent court directive, issued by Judge Sarah Netburn, has introduced an eight-day delay in the legal proceedings, allowing Ripple an extension till February 20th to fulfill the financial disclosure requirements. This extension has fueled speculation among observers about a potential settlement.

However, with the deadline for rebuttals in the remedies stage set for April 24th, a conclusive end to this saga remains distant, casting a shadow of uncertainty over the next few months.

Why A Ripple-SEC Settlement Is ‘Nonsense’

Legal voices within the XRP community have been vocal in debunking the settlement rumors. Bill Morgan, a seasoned attorney, emphasized the confidential nature of settlement negotiations, noting, “People may not understand that settlement negotiations are confidential and subject to a form of privilege. Therefore, there is no hint of a settlement until there is suddenly a settlement.”

Related Reading: What Happens If An XRP ETF Is Approved? Crypto Pundit Has Answers

Echoing Morgan’s sentiments, Jesse Hynes, another legal expert, categorically dismissed the rumors as baseless. “Any rumors about a Ripple & SEC settlement are just nonsense if and until a settlement happens. This isn’t something that leaks and when settlement talks leak it’s often in some form of power play move for leverage. Don’t trust the nonsense,” Hynes stated.

Adding a touch of sarcasm to the discussion, Marc Fagel, a retired securities lawyer, ridiculed the notion of leaks in such high-stakes legal matters. “Yes, back in my SEC litigation days, we always made sure to call some random anonymous Twitter account before entering into settlement negotiations. Just seemed like common courtesy,” Fagel remarked, highlighting the improbability of sensitive information being leaked.

Morgan added that “in 26 years of settlement negotiations involving several hundred mediations either in my capacity as lawyer or acting as mediator there has not once been a leak or breach of the without prejudice privilege attaching to the mediation or settlement negotiations by any party or lawyer.”

Related Reading: XRP Lawsuit: Lawyer Unveils Latest Prediction For Ripple-SEC Case

Since the inception of the lawsuit in December 2020, Ripple has faced significant legal challenges, with the SEC scrutinizing its institutional sales of XRP. Despite the legal turbulence and the consequent bearish impact on XRP’s market performance, Ripple has secured notable victories in court.

These include the court’s determination that XRP is not a security and the dismissal of the SEC’s case against Ripple executives Brad Garlinghouse and Chris Larsen.

XRP Price Awaits Decision

As the case progresses into the remedies phase, with crucial deadlines looming, the crypto community remains on edge. The outcomes of this legal battle could have far-reaching implications for Ripple, its related XRP sales and the digital asset’s price.

At press time, XRP traded at $0.52097.

XRP price
XRP price, 1-day chart | Source: XRPUSD on TradingView.com
Featured image created with DALLE, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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