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Ripple Lawsuit News: SEC Says XRP Case Still Under Appeal While Ripple Claims It’s Settled
In a recent turn of events, Ripple CEO Brad Garlinghouse has announced that the long-running legal battle with the U.S. Securities and Exchange Commission (SEC) is over, claiming the case has been settled. However, the SEC has responded by stating that the XRP case remains under appeal.
As part of the supposed settlement agreement, Ripple reportedly agreed to pay a $50 million fine, significantly reduced from the original $125 million penalty proposed earlier. Additionally, Ripple will allegedly drop its cross-appeal and the SEC will drop its appeal.
Despite these claims, the SEC has yet to confirm the settlement, leaving investors, legal experts, and XRP enthusiasts in limbo regarding the case’s actual status.
The confusion stems from a recent filing by Justin W. Keener, who submitted an “emergency request to present decisive evidence” that could allegedly aid Ripple in its lawsuit against the SEC. The SEC has opposed this motion, citing that the District Court no longer possesses jurisdiction over the matter as it has been transferred to the Second Circuit Court of Appeals.
Furthermore, the regulatory agency argues that Keener failed to follow proper legal procedures in intervening in the case and that Ripple is capable of deciding whether the presented evidence is pertinent to its lawsuit. The SEC urges Judge Torres to reject the motion entirely.
A peculiar aspect emerged from the SEC’s opposition filing, which seems to contradict Ripple’s earlier claims of settlement. The agency wrote directly to Judge Torres that the matter remains in the appeal process.
This unexpected dichotomy has sparked confusion and uncertainty among stakeholders, leaving many questioning the actual status of the case. Some are urging the SEC to issue an official statement clarifying whether the lawsuit is indeed settled or if further legal proceedings are still pending.
The impasse between Ripple’s assertions and the SEC’s stance underscores the ongoing uncertainty surrounding the highly publicized legal battle.
Source: https://coinpedia.org/news/ripple-lawsuit-news-sec-says-xrp-case-still-under-appeal-while-ripple-claims-its-settled/
