Ripple Wraps Up Four-Year SEC Battle with $50 Million Settlement
Ripple-SEC legal confrontation is approaching its conclusion: Examining the implications of the $50 million settlement for XRP
Hey there! Get ready to dive into the latest update about Ripple [XRP] Labs and their long-standing legal spat with the U.S. Securities and Exchange Commission (SEC).
The SEC-Ripple Saga Takes a Turn
In a game-changing move, the SEC submitted a settlement letter to Judge Analisa Torres, indicating that the four-year-old legal battle between Ripple and the SEC might be coming to an end.
The SEC officially disclosed the settlement on May 8th, closing a case that's been casting a shadow over the crypto world for years.
Breaking Down the Settlement
As per the deal, Ripple, along with CEO Brad Garlinghouse and Executive Chairman Chris Larsen, will pay a combined $50 million to wrap up the matter, way below the initial $2 billion demanded by the SEC.
Earlier this year, Ripple already hinted at this settlement figure, suggesting a change in the SEC's stance.
Following this resolution, both Ripple and the SEC will jointly request a limited remand from the Court of Appeals, aiming to finalize the remaining issues in the District Court, subject to Judge Torres' approval.
The lower penalty is seen as a strategic win for Ripple, opening up a clearer path for the company and setting a precedent for future regulatory disputes in the crypto realm.
Defense lawyer James K. Filan commented on the development, saying,
Source: James K. Filan / X
With both parties likely to formally request the dismissal of their respective appeals following a limited remand, it seems the Ripple-SEC saga could finally be nearing its conclusion.
Settlement Sparks Bullish Waves in XRP Market
The settlement news has already sent ripples of excitement through the XRP market, with the token surging 6.93% in the last 24 hours to trade at $2.33, according to CoinMarketCap.
Technical analyst CasiTrades predicts the momentum to continue, pointing to $2.25 as a pivotal breakout level for XRP.
Meanwhile, market optimism is brewing regarding the potential approval of a Ripple ETF in 2025, with odds currently standing at a respectable 75%, according to Polymarket.
As legal obstacles are lifted and institutional trust rises, XRP's road ahead looks brighter, filled with opportunities instead of uncertainties.
- The SEC has announced a settlement letter to Judge Analisa Torres, indicating a potential end to the four-year legal battle between Ripple [XRP] Labs and the SEC.
- Under the terms of the settlement, Ripple, along with CEO Brad Garlinghouse and Executive Chairman Chris Larsen, will collectively pay $50 million.
- This settlement amount is significantly lower than the initial $2 billion demanded by the SEC, a fact that Ripple had earlier hinted at.
- Both Ripple and the SEC aim to request a limited remand from the Court of Appeals, subject to Judge Torres' approval, to finalize remaining issues in the District Court.
- The lower penalty is seen as a strategic win for Ripple, potentially setting a precedent for future regulatory disputes in the crypto realm.
- The settlement news has caused a surge in the XRP market, with the token trading at $2.33 after a 6.93% increase in the last 24 hours.
- Technical analyst CasiTrades predicts the momentum to continue, with $2.25 identified as a pivotal breakout level for XRP, while market optimism brews regarding the potential approval of a Ripple ETF in 2025.
