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- After over one year of legal tensions, sources reveal that the lawsuit between Ripple and the SEC is coming to an end with a settlement.
- After the settlement, the price of XRP could surge and there may be an increase in its adoption rate.
Finally, the lawsuit battle between Ripple and the Securities and Exchange Commission (SEC) has come to an end, sources reveal. Following a one-year plus lawsuit, Ripple could experience a fresh breath of air without the eyes of the SEC bearing down on the company. Sources familiar with the matter revealed that the company and SEC have reportedly reached a settlement agreement. One of the sources added that an official announcement regarding the settlement would be made next week.
Ripple and SEC’s legal war comes to an end
An anonymous user wrote on Twitter:
Anyone else heard the rumor? Settled. All staff on the SEC vs. Ripple case have been reassigned. A week until the news in public.
In addition, the Twitter user added that the Commission is currently hiring to prosecute illegal currencies. The tweet has garnered a lot of reactions as many have been looking forward to the end of the long-struggled lawsuit between the SEC and Ripple. BitBoy Crypto YouTube Channel founder Ben Armstrong also reacted to the information. Same as many Ripple fans, the crypto investor hopes the rumors are true. He commented:
I can 100% confirm that I am praying this is true. Have included in my nightly prayers since October 1.
Before rumors of the Ripple and SEC lawsuit came into the limelight, Ripple CEO Brad Garlinghouse had talked about other cases with the SEC. Quoting the SEC chairman Gary Gensler, Garlinghouse said the agency expects to lose some cases.
At the time, it was not sure if Gary Gensler was referring to the SEC versus Ripple case, although it seemed related.
https://twitter.com/stedas/status/1499714181813227523
The Ripple versus the SEC lawsuit has been broadly followed for its precedent-setting nature, with the SEC wanting to make an example out of Ripple. Primarily, Ripple wanted to defend its interest and that of blockchain users benefitting from the network. Most XRP holders want the lawsuit to be over to see XRP relisted on the US digital asset exchanges.
Updates on the Ripple vs SEC lawsuit
Prior, Ripple and the SEC had an arbitration months ago that did not end in favor of both parties. Attorney Jeremy Hogan, a partner at the Hogan & Hogan law firm, shared documents showing that there will be a one-hour settlement talk between the SEC and Ripple. The discussion was scheduled 14-days after the close of fact discovery.
Hopes are high that the Ripple and the SEC’s new negotiations could result in a positive outcome. Judge Sarah Netburn has been going through all relevant documents to the case behind the scenes. The documents include Garlinghouse’s discussions with selected SEC representatives, documents that SEC initially objected to bringing forward, as well as Hinman’s 2018 speech. Jeremy Hogan said:
Yes, a one-hour settlement discussion happened a couple of months ago. It didn’t settle, which means that the next most likely settlement time would be at mediation…, which will be hosted by the one and only JUDGE NETBURN who has seen ALL the documents in camera.
Several pieces of evidence indicate that Ripple did not break any securities laws during the XRP offering. Hopes are high that the SEC would enter a settlement with Ripple.
