TL;DR
- Ripple is disputing a $2 billion SEC penalty over XRP sales, advocating for a reduction to $10 million, with predictions suggesting a possible $100 million settlement.
The company has gained partial court victories that bolster its position in the lawsuit.
$100 Million Instead of $2 Billion?
The legal dispute between Ripple and the US Securities and Exchange Commission (SEC), which began in late 2020, has more recently seen increased activity from both sides.
In the past month, the regulatory authority proposed a penalty of $2 billion against the company for alleged XRP sales infringements. However, Ripple’s top legal officer, Stuart Alderoty, announced this week that the corporation had submitted its formal challenge to the agency’s demand. The organization presented several compelling reasons why the fine should not exceed $10 million.
The outcome of the ongoing battle is still up in the air, with many industry players pondering over the next step. Among them is the well-known lawyer Jeremy Hogan, who has recently shared his perspective. He suggested that the legal dispute might be resolved through a $100 million settlement.
The judge is expected to deny the SEC’s request for disgorgement but impose a fine of $100 million on Ripple as a concession to the Securities and Exchange Commission.
According to Hogan’s assessment, the case could potentially be concluded in July or August of this year since it has now progressed into its final stage and the trial began on April 23rd.
Recently, ChatGPT had projected that a decision in the ongoing lawsuit might be reached this summer. Yet, it is important to note that unforeseen complications and possible appeals from both sides could extend the resolution until as late as 2026.
Ripple Seems to Have the Edge
Crypto X is full of users who believe that Ripple has the better chance to emerge victorious due to the three vital (yet partial) court wins secured last year. The first one occurred in July when Federal Judge Torres ruled that the company’s programmatic sales to secondary trading platforms did not constitute offers of investment contracts.
After a short time, the magistrates declined the SEC’s plan to appeal their initial ruling. Meanwhile, several months passed before Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen were found not guilty of the accusations made against them by the Commission.
A clear-cut victory for the company could lead to a surge in XRP prices, but a different outcome might cause setbacks for the token and the broader crypto market. For those interested in gaining a deeper understanding of the lawsuit and its potential effects on Ripple’s digital currency, check out our informative video below.
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2024-04-24 14:42