- Ripple, a cryptocurrency company, and the U.S. Securities and Exchange Commission (SEC) are rumored to be discussing a possible settlement.
- The XRP community attorney believes that a victory for Ripple would be necessary for a settlement to occur.
- The article was published on May 3, 2023 at 3:00 PM GMT.
Ripple and SEC Rumored to Discuss Possible Settlement
Ripple, a cryptocurrency company, is rumored to be in talks with the U.S. Securities and Exchange Commission (SEC) about a possible settlement. The XRP community attorney believes that any such agreement would only come about after Ripple has won its legal battle against the SEC.
Legal Battle Against SEC
Ripple is currently facing legal action from the U.S. government over allegations that its cryptocurrency XRP is an unregistered security under federal law. The case has been ongoing since December 2020 and Ripple has repeatedly denied all of the charges brought against it.
XRP Community Attorney’s Opinion
The XRP community attorney believes that any potential settlement between Ripple and the SEC would only occur after Ripple had won its legal battle against the government agency. This position was echoed by Brad Garlinghouse, CEO of Ripple Labs Inc., who recently stated that he does not believe in settling out of court with the SEC as it could set a dangerous precedent for other digital asset companies in future cases involving securities laws violations.
Timeline
The article was published on May 3rd, 2023 at 3:00 PM GMT; however it is unclear when or even if talks between Ripple and the SEC will begin or reach any kind of conclusion anytime soon given their current legal dispute which shows no signs of being resolved anytime soon.