Ripple v. SEC Case Over? XRP Holders Confused by New Twist

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TL;DR

  • The SEC has quietly removed the Ripple lawsuit from its website, causing confusion. But attorney Jeremy Hogan confirms that the case is still very much alive in the appellate court.
  • Lawyer John Deaton recently laid out three possible endings: continued appeal, a $125 million settlement, or the SEC dropping the case entirely and kissing goodbye to the multi-million dollar fine.

A Resolution at Last?

Imagine the surprise of the crypto community when, just hours ago, the US Securities and Exchange Commission (SEC) mysteriously deleted the lawsuit against Ripple from its website. Many a hopeful XRP holder began to entertain the thought that perhaps this marked the long-awaited end of the case—oh, the bliss of wishful thinking! 💭✨

Upon closer inspection, however, the truth dawns upon us: the legal action was indeed *removed* from the SEC’s “Litigation Releases” section. But fear not, dear readers, for attorney Jeremy Hogan swiftly put those overzealous speculations to rest, stating that the Ripple v. SEC battle remains alive and kicking on the actual appellate court website. It seems the legal drama is far from over, much to the chagrin of some, and the delight of others who live for a bit of courtroom theatre. 🧐

“It’s still there, and nothing new has been filed,” Hogan quipped. 🎭

The lawsuit’s origins date back to December 2020 when the SEC accused Ripple and some of its executives of raising a hefty sum—over $1.3 billion—through an unregistered securities offering by selling XRP tokens. An audacious claim indeed! The ensuing back-and-forth over the years has been nothing short of theatrical, and some insiders believe that Ripple might just be winning this particular act. It seems the SEC is no longer led by its once anti-crypto Chairman Gary Gensler (thankfully for Ripple), who resigned on January 20th, replaced by Mark Uyeda, who appears to be a much friendlier figure for the digital asset industry. How lovely for Ripple! 👏

And there’s more! Ripple has scored some key (albeit partial) victories in the courtroom. In 2023, Judge Torres ruled that the firm’s XRP sales on crypto exchanges did not qualify as securities transactions. But alas, the SEC was not so easily deterred, appealing that ruling in October 2024. Looks like this story shall continue to unfold… indefinitely. ⏳

The Possible Outcome Scenarios

And now, let us consider the possible fates awaiting this case, as outlined by US attorney John Deaton, who represents thousands of XRP investors. In his wise musings, Deaton suggested three possible endings, each more dramatic than the last! 🎬

The first possibility involves the SEC continuing its appeal, keeping the case in the courts for what could be an eternity. A true cliffhanger! 😬

The second scenario suggests the SEC may finally settle, requiring Ripple to pay a $125 million fine. This fine was initially ruled by Judge Torres, a sum far less than the $2 billion the SEC originally demanded. Some of Ripple’s executives were positively thrilled to pay this comparatively modest fine. Perhaps they’re throwing a little party with the savings? 🎉💰

The third and, in Deaton’s words, “most unlikely” scenario? The SEC withdraws its appeal entirely, scrapping the $125 million fine. The SEC just *decides* to abandon their case? Sounds like a plot twist, but alas, Deaton remains skeptical. Oh, how lovely it would be if this were the ending! But alas, he remains unconvinced. 🤷‍♂️

“I don’t see the SEC saying: ‘No, we’re going to deny a judge’s ruling.’ So that’s why I think the middle one is the option,” Deaton concluded sagely.

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2025-01-29 16:24