The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple is close to an end, with a settlement potentially coming soon, according to sources shared with Fox Business’ Eleanor Terrett. Ripple’s legal team is currently negotiating for better terms after a court ruling in August 2023. The ruling imposed a $125 million fine on Ripple and stopped the company from selling XRP to institutional investors.
The delay in the settlement is because Ripple wants to change the terms of the court decision. Reports suggest that Ripple’s team is arguing that if the SEC is easing up on other crypto companies, Ripple should not still face penalties. Ripple believes that accepting the current terms would make them admit wrongdoing, but the SEC is now unsure if any wrongdoing actually happened.
Charles Gasparino, reacting to the situation, added that one key issue the SEC is considering is whether XRP should be treated like Ethereum. Both XRP and Ethereum were sold through Initial Coin Offerings (ICOs) to raise funds for their platforms. But while Ripple got sued over XRP, Ethereum wasn’t, because it became a commodity. The SEC is now debating whether XRP should also be considered a commodity like Ethereum.
“ What is being discussed now is the comparison between the 2 cryptos. The SEC believes ETH trades as pure commodity. They are trying to determine if the commission can make that case w $XRP,”
Gasparino wrote.
Pro-XRP lawyer John Deaton suggested that the SEC consider a few important points before making a final decision:
The Ripple-SEC case is nearing a settlement, with negotiations ongoing for better terms after the 2023 court ruling.
Ripple won a partial victory as the court ruled XRP sales on public exchanges weren’t securities, but institutional sales violated SEC rules.
Story Highlights Binance Coin Price Today is . The BNB price prediction anticipates a potential…
Story Highlights The XRP Price LIVE: . The price could hit a high of $3.99…
Brazil’s largest bank, Itaú Unibanco, with over 55 million customers, is considering launching its own…
Story Highlights The Ethereum price today is . ETH price with a potential surge could…
Recently, Tron founder stepped in with emergency funding for TrueUSD (TUSD) after its issuer, Techteryx,…
Cardano (ADA), a cryptocurrency noted for its scalability and performance emphasis, is rapidly declining with…