Pro-XRP Lawyer Reacts to Rumor that Ripple Has Reached a Settlement

A crypto influencer recently alleged that “a settlement” had been reached between Ripple and the SEC in the ongoing litigation.

In a tweet today, Australian-based lawyer Bill Morgan reacted to a new settlement rumor regarding the SEC vs. Ripple lawsuit. WallStreetBulls, the individual behind an acclaimed financial blog, recently alleged that an unidentified source informed him that the SEC and Ripple settled today. 

According to the user, the full details of the settlement will be disclosed on June 14, 2023. Furthermore, WallStreetBulls said the details of the settlement are highly confidential. However, he promised to reveal the settlement details whenever he gets approval from the source. 

Source: At the moment, the details are highly confidential and I am unable to disclose them. However, rest assured that as soon as information can be shared publicly, I will provide an update. Thanks for your understanding and patience. #Ripple #XRP #SEC

— WallStreetBulls (@w_thejazz) May 31, 2023

Attorney Morgan Reacts 

The latest rumor of a settlement in the SEC vs. Ripple lawsuit has prompted reactions from XRP community members who have patiently waited for the case to end. Commenting on the development, attorney Morgan asked how reliable WallStreetBulls’ source is. 

He asserted that if the source were genuine, the rumor would have significantly impacted the price of XRP over the past 24 hours. 

How reliable is your source. If the source knows it is hard to believe the market wouldn’t have a whiff in which case there would be a greater price in XRP than seen over the last 24 hours. https://t.co/deYi4ERLre

— bill morgan (@Belisarius2020) May 31, 2023

Notably, XRP has recorded slight gains in the past seven days. The crypto asset has soared over 10% in the past seven days, breaking the $0.50 resistance. At the time of writing, XRP is changing hands at around $0.504. 

Will Hinman’s Docs Lead Ripple to Settle?

As a result of XRP’s latest solo run, speculations have surfaced, suggesting that the growing surge is in response to developments surrounding the lawsuit. This new settlement rumor builds on these speculations . It bears mentioning that June 14 is a day after Hinman’s emails will be made public. 

For context, Hinman’s emails are related to the drafts of former SEC official William Hinman’s 2018 speech on cryptocurrencies. Recall that the court denied SEC’s motion to keep Hinman’s emails sealed because they are judicial documents. 

Most XRP enthusiasts predict that the SEC would rather settle with Ripple than have Hinman’s emails released to the public. However, pro-XRP lawyer John Deaton have vehemently dispelled these settlement rumors. 

He said the SEC knows Hinman’s emails will be made public someday. Deaton stressed that even though the SEC settled with Ripple not to disclose Hinman’s emails, other litigants like Coinbase may also request access to the docs. 

There have been several rumors about a settlement in the Ripple lawsuit. However, prominent lawyers and journalists such as Deaton and Eleanor Terrett have debunked these claims.

Last year, Terrett dispelled a settlement rumor championed by Cardano founder Charles Hoskinson. As reported earlier this month, attorney Deaton also dismissed another settlement rumor from the crypto media outlet Blockchain Daily. 

Notably, Ripple has declared that it is open to settling with the SEC only if the commission provides regulatory clarity for XRP.