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Ripple Settlement Update: No, They’re Not Paying the SEC in XRP
As the Ripple vs. SEC case progresses, rumors have been circulating about Ripple potentially paying its fine using XRP tokens while the price is still low. However, former SEC official Marc Fagel has put these claims to rest, stating that the company will not be settling with the SEC in XRP.
According to Fagel, Ripple has already set aside the necessary funds in cash within an escrow account. The fine will be paid in cash, not XRP tokens. This news has reportedly caused the price of XRP to drop over 2%, as uncertainty surrounding the potential use of XRP for settlement has created volatility.
Additionally, a prominent XRP supporter has explained that while it is theoretically possible to move XRP tokens, this would require an all-or-nothing system. Therefore, the company’s decision not to pay in XRP removes any concerns about the token being seized or utilized by the SEC in this manner.
Following these developments, the price of XRP has seen a significant spike, rising around 6% in the past 24 hours. The market is now awaiting further clarification on the court’s upcoming decisions regarding the case.
Ripple’s legal team had previously indicated that they were working towards a settlement with the SEC. Given this latest information, it appears that any potential settlement will not involve the use of XRP tokens.
Experts believe that the Ripple vs. SEC case could go either way in terms of the outcome. It is currently unclear what Judge Torres may decide next, and the community remains vigilant for updates on the matter.
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Source: coinpedia.org
