XRP Ticks Higher On News That Ripple-SEC Case Could End Soon—Legal Team Reportedly Negotiating More 'Favorable Terms' On $125 Million Fine
The over four-year-long legal battle between blockchain company Ripple Labs and the Securities and Exchange Commission could conclude soon, a Fox Business journalist reported Wednesday.
What Happened: Eleanor Trett posted on X that the high-profile case was in the process of “wrapping up” and could be over soon, citing “well-placed” sources.
Trett said that Ripple’s legal team was negotiating favorable terms regarding the August district court ruling that imposed a $125 million fine on the company and an injunction against future securities law violations.
According to Trett, Ripple argues that if the new SEC leadership is not proceeding with enforcement action against all previously targeted cryptocurrency firms due to belief in regulatory clarity resolving the underlying issue, it should not be penalized as well.
A Ripple Labs spokesperson declined to share any update on the lawsuit to Benzinga.
See Also: House Committee Favors Stablecoin Regulation To ‘Strengthen’ Dollar: Majority Whip Says CBDCs Against ‘American Values’
Why It Matters: Ripple has been locked in a legal battle with the SEC over the status of XRP (CRYPTO: XRP), a cryptocurrency at the center of the company's operations.
In a landmark ruling, District Judge Analisa Torres of the Southern District of New York ruled that the company violated federal securities laws through its direct sale of XRP to institutional clients, although the sale of XRP to individual investors didn’t violate any laws.
The firm was one of the biggest donors to Fairshake, a super political action committee dedicated to supporting and electing cryptocurrency-friendly lawmakers to Congress last year.
Price Action: At the time of writing, XRP was exchanging hands at $2.24, up 1.71% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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