SEC v. Ripple Lawsuit Edges Closer to a Settlement.
The Securities and Exchange Commission’s lawsuit against blockchain payment company Ripple, which has lingered for more than a year, is expected to reach a settlement soon.
Following the numerous developments that have come up recently, many people close to the parties have indicated that it is only a matter of time before the duo will reach an agreement in a bid to settle the case.
Popular cryptocurrency influencer and YouTuber Ben Armstrong took to Twitter today to share the same sentiment, saying:
“XRP case heading like a freight train towards settlement. The clock is ticking.”
$XRP case heading like a freight train towards settlement. Clock is ticking.#xrparmy #ripple
— Ben Armstrong (@Bitboy_Crypto) March 25, 2022
High Expectations for Settlement
Expectations are high that the Judges handling the case, Judge Analisa Torres and Judge Sarah Netburn, may not declare an outright winner because almost all SEC charges against cryptocurrency companies, including BlockFi, have ended in settlements.
While both Ripple and the Securities and Exchange Commission have met in the past to discuss possible settlements in the case, none of the meetings have yielded any positive outcome.
Despite no favorable outcome in previous settlement meetings, several crypto experts are still confident that a possible agreement will be reached in the near future, which will put an end to the more than one year lawsuit.
It is worth noting that a majority of the recent rulings, especially the Fair Notice Defense, have been in Ripple’s favor.
With the Fair Notice Defense, Ripple plans to argue that it did not get any prior warning from the SEC that its cryptocurrency offering would breach existing securities laws.
In addition, Ripple also intends to use some documents from SEC’s former executives to support its claims that XRP is not a security but rather a currency.
SEC Executives Think It will Lose the Lawsuit
Based on these facts and evidence, some current SEC executives, including Commissioner Hester Peirce and Chairman Gary Gensler, know that things do not seem to be going in favor of the regulators.
With this belief, the SEC could have no choice but to engage Ripple in another settlement discussion, and possibly end the long-term lawsuit that has continued to be a thorn in the flesh of investors.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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