Ripple vs. SEC Case: Both Parties in Talks
The legal battle between Ripple and the SEC regarding the status of XRP as a security is far from over, even after multiple partial victories. In an effort to end this 3-year battle, the court has ordered both parties to consider a settlement and to negotiate the terms of such an agreement. To this end, several meetings have been organized by both parties. One of them is taking place today.
A Closed-Door Meeting to Discuss Settlement Terms
As part of the potential settlement between Ripple and the SEC, both parties are due to have a closed-door meeting. This will take place under the Sunshine Act meetings. The meeting scheduled for November 30 will allow both sides to discuss a number of issues.
Among the topics expected to be discussed at this closed-door meeting are:
- the institution and settlement of administrative proceedings,
- the institution and settlement of injunction actions,
- litigation-related matters,
- the resolution of litigation claims.
This is in addition to other issues related to review and enforcement procedures.
The SEC Demands $770 Million from Ripple
Early discussions of a settlement between Ripple and the SEC surfaced about a month ago. Even more interesting was the amount that the regulator was demanding. The SEC had required the payment of a $770 million fine. A measure to which Ripple, of course, objected.
According to legal experts such as pro XRP lawyer John Deaton, Ripple is likely to negotiate this figure downwards. Admittedly, there’s no doubt that a fine must be paid as part of the settlement. But Deaton believes any amount under $20 million would be a total victory for Ripple. Pro XRP attorney Jeremy Hogan also stated that the crypto firm would bring the settlement figure down to less than $100 million.
At any rate, crypto analysts agree on one thing: Ripple and the SEC could reach a resolution by July 2024. By then, the settlement could well be concluded!
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.