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Did Ripple and the SEC Settle in Secret? What We Know So Far
The prolonged legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has been a major focal point in the cryptocurrency industry since December 2020. The SEC accused Ripple of conducting unregistered securities offerings through its sale of XRP tokens, leading to a lawsuit that has significantly impacted both Ripple and the broader crypto market.
Recent Developments and Speculations
In August 2024, Judge Analisa Torres ordered Ripple to pay a $125 million civil penalty for violating federal securities laws related to its institutional sales of XRP. Notably, this fine was lower than the initial $2 billion sought by the SEC. However, the SEC appealed the decision, prolonging the legal proceedings. In response to the Torres order, attorney Jeremy Hogan suggested that a settlement may be imminent, potentially occurring before the approval of a spot Ripple Exchange-Traded Fund (ETF). Hogan believes that the settlement process could be expedited compared to the more complex ETF approval procedures.
The only way this case can ‘be over’ soon is if Ripple and the SEC reach a private settlement agreement, dismiss the appeal, and then never take the terms of the settlement agreement back to the trial court to be ratified.
Speculation surrounding a potential settlement has been fueled by the possibility that the SEC’s new administration under Chairman Mark Uyeda may shift its approach to cryptocurrency regulation.
