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The Securities and Exchange Commission (SEC) is reportedly wrapping up its case against Ripple Labs, Inc., a major player in the cryptocurrency market, according to recent reports.
In 2020, the SEC launched an investigation into Ripple’s XRP token, alleging that it was being used as an unregistered security. The agency subsequently filed a lawsuit against the company in December of the same year.
As part of this case, Ripple has been ordered to pay a $125 million fine and is prohibited from selling XRP tokens to institutional players. However, reports suggest that the SEC may be willing to reconsider its stance on these penalties as part of an agreement with Ripple.
It remains unclear what exactly the terms of such an agreement would entail, but some observers believe it could involve Ripple being allowed to continue selling XRP to institutions or receiving a reduced fine.
The development comes at a time when the cryptocurrency market is experiencing significant turbulence. Many major cryptocurrencies have seen their values plummet in recent days, with Bitcoin dropping as low as $2,500 and Ethereum falling to around $120.
Ripple’s XRP token has also been affected by this downturn, with its value currently hovering around 30 cents.
Source: https://u.today/sec-is-wrapping-up-ripple-case-report
