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Ripple vs SEC Lawsuit Not Fully Settled Yet, Say Legal Experts
In a shocking turn of events, Ripple has announced its withdrawal from the cross-appeal process in the ongoing legal battle with the Securities and Exchange Commission (SEC). While this decision may seem like a decisive victory for Ripple, legal experts are cautioning that the lawsuit is not fully settled yet.
According to recent reports, Ripple CEO Brad Garlinghouse made a surprise announcement regarding the company’s decision to drop its cross appeal. This move has sparked widespread speculation about the implications of the case. However, many believe that this is merely a tactical maneuver designed to gain an upper hand in negotiations with the SEC.
Judge Torres’ final judgment delivered yesterday has been met with mixed reactions from the crypto community, with some interpreting it as a significant win for Ripple while others are left uncertain about the future implications of the suit.
Despite these contradictory interpretations, experts agree that there is still much uncertainty surrounding the matter. The SEC will now need to formally vote on the proposed agreement before the case can be fully settled.
In an exclusive interview, former SEC official Marc Fagel stressed the importance of this formal vote. “The SEC still needs to hold a separate vote to officially drop its appeal,” he emphasized. “It is crucial that we do not forget that this settlement has not yet been approved by the commission.”
This latest development comes after Judge Torres rejected a proposed settlement that would have seen Ripple pay a civil penalty of $50 million and lift the permanent injunction against the company.
The ruling did, however, affirm a key 2023 decision that declared XRP sales on exchanges are not securities. This has sparked a surge in retail traders’ confidence as they now have continued clarity regarding the regulatory status of their holdings.
Despite the uncertainty surrounding the legal battle’s outcome, many believe that Ripple’s sudden change in strategy is a calculated move designed to pave the way for future collaboration with the SEC.
As the crypto community continues to digest the latest developments, it remains uncertain how this saga will ultimately conclude.
Source: coinpedia.org
