As various sources reported, the litigation battle between Ripple and the Securities and Exchange Commission (SEC) is over. Allegedly, after more than a year of litigation, Ripple can now breathe a sigh of relief. Sources on the matter reported that the company and the SEC have reached a settlement agreement. One of the sources added that the official announcement about the deal will be made next week.
An anonymous user wrote on Twitter:
“Anyone else hear the rumor? Decided. All staff in the SEC and Ripple case have been reassigned. There is one week left until the news is announced to the public.”
Anyone else heard the rumour? Settled. All staff on the SEC vs Ripple case have been reassigned. A week until the news in public. SEC now hiring to prosecute illegal currencies. The beer in your hand is now champagne. Your VW is now a lambo. The GF that dumped you is calling #XRP
— XRP the Standard Productions (@XRP_Productions) March 4, 2022
The tweet garnered a lot of backlash as many looked forward to the outcome of the long-running litigation between the SEC and Ripple. BitBoy Crypto YouTube Channel founder Ben Armstrong also reacted to the information. Like many Ripple fans, the crypto investor hopes the rumors are true. Armstorng said he was “praying this to be true”.
Additionally, before the rumors about Ripple and the SEC lawsuit came into the limelight, Ripple CEO Brad Garlinghouse talked about other SEC lawsuits. Citing SEC chairman Gary Gensler, Garlinghouse said the agency expects to lose some lawsuits. While it is not yet known whether Gensler is referring to the XRP lawsuit, there is a possibility that his comments are for the Ripple lawsuit.
The SEC lawsuit against Ripple has been widely followed due to its precedent-setting nature. Primarily, Ripple wanted to defend its own interests and those of the blockchain users benefiting from the network. Most XRP holders want the case to be over to see XRP re-listed on US digital asset exchanges.
Updates on the Ripple vs SEC case
Earlier, Ripple and the SEC settled in an arbitration that did not work out in favor of either party. On March 1, attorney Jeremy Hogan, partner at law firm Hogan & Hogan, released documents showing that there will be a one-hour settlement meeting between the SEC and Ripple. shared.
Hopes are high that the new negotiations by Ripple and the SEC can result in a positive outcome. Judge Sarah Netburn reviews all the documents related to the case behind the scenes. Documents include Garlinghouse’s conversations with elected SEC representatives, documents the SEC initially objected to bringing forward, and Hinman’s 2018 speech. Jeremy Hogan used the following statements on the subject:
“Yes, there was a one-hour compromise discussion a few months ago. There was no agreement, which means that the next most likely time of agreement will be mediation by JUDGE NETBURN alone who has seen ALL documents.”
A few pieces of evidence suggest that Ripple did not violate any securities laws during its XRP offering. Hopes are high that the SEC will reach a settlement with Ripple.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.