The legal battle between the US Securities and Exchange Commission (SEC) and Ripple has been going on for four years. In recent months, we have entered the sanctions phase, where Ripple and the government agency have attempted to agree on a fine for the unlawful sale of XRP to institutional investors.
Brad Garlinghouse, Ripple’s CEO, indicated in a recent interview with Bloomberg that the lawsuit is nearing its end. This would be a major milestone for the crypto industry, as this long and complex case would finally be wrapped up.
During the interview, Garlinghouse declined to comment specifically on the ongoing settlement talks with the SEC. However, he stressed that Judge Analisa Torres had provided clarity on key aspects of the case in her July 13, 2023, ruling.
According to Garlinghouse, the only remaining point of contention is the sale of XRP to institutional investors, which the judge has deemed to be investment contracts. He reiterated that Ripple is willing to settle, provided the SEC does not classify XRP as a security.
SEC Reduces Fine Demand
Earlier in the lawsuit, the SEC had demanded a whopping $2 billion fine, while Ripple had only proposed $10 million. The SEC now appears to have made some concessions, lowering the amount to $102.6 million. This shift comes after Ripple presented judgments from other lawsuits that imposed much lower fines.
Remarkably, the SEC canceled a scheduled meeting without warning and at the last minute. The meeting, which was scheduled for today, was seen by many as a pivotal moment in the progression of the lawsuit against Ripple.
XRP’s remarkable price performance
Despite a slight correction over the past 24 hours, XRP has seen a rebound and is still up 30% in a week. Thanks to this performance, the digital currency has reached its highest level since April. Many investors are hoping that the token will rise even further once the case between Ripple and the SEC is resolved.
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Source: https://newsbit.nl/ripple-ceo-in-interview-einde-van-de-rechtszaak-is-nabij/
