The ongoing dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) held a settlement discussion in late March, fueling anticipation for potential final negotiations in the near future, as previously instructed by Judge Torres.
Additionally, Ripple Labs plans to submit their response to the SEC’s demand for a final judgment and approximately $2 billion in penalties by April 22. This month holds significance for the XRP legal case and its supporters.
Ripple and SEC to Meet Next Week?
The calendar of the SDNY Court for the week of April 15 indicates a “Final Pretrial Conference” scheduled between the U.S. SEC and Ripple Labs on April 16. However, the courtroom details show as “To Be Determined (TBD)”. This could signify that the March 29 settlement conference served as the last meeting between the parties or that final settlement discussions have yet to be concluded.
After the SEC chose not to pursue charges against Brad Garlinghouse, who is the CEO, and Chris Larsen, the executive chairman, at Ripple, some industry insiders speculate that Ripple and the SEC may reach a settlement over the XRP institutional sales with less severe penalties.
At present, the SEC is pursuing a court decision with penalties totaling approximately $2 billion against Ripple. This includes permanent bans on certain activities, the return of ill-gotten gains plus interest, and hefty fines for Brad Garlinghouse, Ripple’s CEO, and Stuart Alderoty, its chief legal officer. In response to these allegations, Garlinghouse and Alderoty have countered by accusing the SEC in a document submitted on April 22.
The SEC’s clandestine gathering on April 11 concerning Ripple’s delayed XRP releases from escrow, along with insights from analyst Ashley Prosper regarding the Ripple-SEC lawsuit, have fueled ongoing discussions about a possible settlement.
EigenLayer Crypto’s Biggest Project This Year Removes LST Caps, Unpause Restaking Deposits
Clarity on XRP Secondary Sales and “Investment Contract”
The Second Circuit Court of Appeals in the US agreed with Coinbase’s stance in a legal dispute, stating that transactions of cryptocurrency on secondary markets do not classify as securities. This decision strengthened Judge Torres’ ruling regarding XRP sales, explaining that “Programmatic Buyer” held an identical position to a typical purchaser in the secondary market.
Coinbase has asked the Second Circuit Court of Appeals to review its case against the Securities and Exchange Commission (SEC), where the company is appealing a ruling that may require a contract for an “investment contract” to be in place. Furthermore, the Second Circuit Court of Appeals recently dismissed the SEC’s appeal in the Aron Govil case, increasing optimism for Ripple’s chances of defeating the SEC’s charges.
“Paul Grewell, Coinbase’s Chief Legal Officer, requested an early appeal of the SEC’s action against our company and others in the digital asset industry. This is important for us because the SEC’s move exceeds the legislative powers granted by Congress and casts an unwarranted shadow over US innovation in digital assets.”
If the appeal brought by pro-XRP lawyer Bill Morgan on behalf of Coinbase is unsuccessful, it might strengthen the Securities and Exchange Commission’s argument in the ongoing XRP case concerning programmatic sales.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD CLP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- ZGD PREDICTION. ZGD cryptocurrency
- SHI PREDICTION. SHI cryptocurrency
- ASTO PREDICTION. ASTO cryptocurrency
- LAZIO PREDICTION. LAZIO cryptocurrency
2024-04-13 16:30