Ripple Lawsuit Update: Former SEC Official Reveals Where They Are In Negotiations

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As a seasoned researcher with extensive experience in following regulatory developments within the cryptocurrency industry, I have closely monitored the ongoing legal battle between the SEC and Ripple. The recent rumors of a potential settlement have sparked widespread interest among crypto enthusiasts, but as someone who has witnessed numerous twists and turns in this case, I remain skeptical.

According to reports, there have been whispers that the SEC and Ripple are holding talks to resolve their ongoing dispute. However, a previous SEC executive shares his perspective as to why such a settlement might not materialize.

Former SEC Official Dismisses Rumors Of A Potential Ripple Settlement

Previously employed legal counsel at the Securities and Exchange Commission (SEC), Marc Fagel, has brushed off speculations about a possible agreement between Ripple and the SEC. Financier Yassin Mobarak of Dizer Capital had suggested that the SEC was considering holding a private session to work out a settlement with Ripple. Yet, according to Fagel, such meetings have been a regular occurrence since the lawsuit against Ripple was initiated. The frequency of these confidential discussions stands at nearly weekly basis.

As an analyst looking back on the situation between the SEC and Ripple, I’d rephrase it this way: The SEC’s closed-door meeting regarding our ongoing case with Ripple was a regular part of the legal process, not an indication of impending settlement discussions. Since the commencement of the case, there have been persistent rumors about potential negotiations between us and Ripple. However, these talks have yet to result in any tangible progress as we’ve maintained our opposing stances, ultimately leaving the court to render a decision on the matter.

Expert: Fred Rispoli, a lawyer advocating for Ripple, has recently pondered over the possibility of Ripple and the Securities and Exchange Commission (SEC) reaching a settlement in the ongoing legal dispute. However, he believes that a pre-judgment settlement is an unlikely scenario at present, as they may still negotiate on unresolved issues. The court is predicted to issue its judgment shortly, focusing on remedies. Rispoli estimates that this ruling could be handed down by the end of this month.

The Securities and Exchange Commission (SEC) is requesting the court to impose a fine of $102.6 million on the company as a penalty, which is significantly less than their earlier demand for nearly $2 billion. Ripple, on the other hand, is advocating for a penalty worth only $10 million against them in response to the SEC’s actions.

According to Rispoli’s estimation, it is anticipated that Judge Torres would grant a fine below $25 million, with no requirement for Ripple to return any profits, when making her ruling.

XRP’s Price Sparking Optimism Ahead Of Ruling

As a researcher studying the cryptocurrency market, I’ve noticed an uptick in excitement within the XRP community regarding the upcoming court ruling. In just the last seven days, XRP’s price has surged by over 38%, fueling hopes among crypto investors for a potential significant rally. Furthermore, there is a widespread belief that Judge Torres will once again rule in favor of Ripple, as her proposed penalty is expected to be significantly less than what the SEC had demanded.

As a crypto investor, I’m thrilled about the recent ruling that seems to be favorable for XRP. This development is likely to fuel more upward momentum for the token, with the $1 price mark within reach. Previously, prominent crypto analysts like JackTheRippler had forecasted that XRP could potentially surge as high as $100 once the ongoing legal battle between the SEC and Ripple comes to a close.

Ripple Lawsuit Update: Former SEC Official Reveals Where They Are In Negotiations

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2024-07-17 22:11