- Rumors of a potential settlement between the US Securities and Exchange Commission (SEC) and Ripple have resurfaced in the crypto community.
- A former SEC lawyer, Marc Fagel, has weighed in to clarify the situation.
- Fagel highlighted the routine nature of SEC meetings, dismissing settlement speculations.
A potential settlement between the SEC and Ripple is unlikely, says former SEC official Marc Fagel, despite ongoing rumors and community optimism.
Former SEC Official Dismisses Settlement Rumors
Rumors have been circulating about a potential settlement between the US Securities and Exchange Commission (SEC) and Ripple, largely fueled by recent closed-door meetings. However, former SEC attorney Marc Fagel has stepped in to provide some perspective. Fagel clarified that the Commission conducts such meetings regularly and that these discussions do not imply any imminent settlement with Ripple.
SEC’s Regular Meetings and Public Speculation
Marc Fagel, addressing the heightened curiosity and speculation within the crypto circles, mentioned that the SEC’s behind-the-scenes discussions are part of its standard operating procedures. These meetings have been ongoing on a near-weekly basis since the lawsuit against Ripple was initiated. Despite the continuous chatter about a possible resolution, the reality is that both Ripple and the SEC have consistently chosen to let legal proceedings run their course rather than negotiate a settlement.
Legal Experts Weigh In
Fred Rispoli, a pro-XRP lawyer, also discussed the prospects for a Ripple-SEC settlement. He opined that a pre-judgment settlement remains unlikely, although there could be room for negotiations on unresolved issues. The court is anticipated to provide a judgment soon, potentially by the end of the month, as it relates to remedies. Initially, the SEC demanded a hefty fine of almost $2 billion, but their latest ask is down to $102.6 million, significantly less than Ripple’s proposed penalty of $10 million.
Speculations on Penalties and Court Decisions
Rispoli speculates that Judge Analisa Torres might impose a penalty of less than $25 million on Ripple, with no disgorgement. This potential outcome has significant implications for the crypto firm and the broader digital currency market, influencing market sentiment and possibly triggering further developments.
XRP Price Optimism Amid Legal Battles
Amidst the ongoing legal drama, XRP’s price movement has provided some optimism to its community. The token has surged by over 38% in the past week, feeding speculation about a potential rally should the court ruling be favorable to Ripple. Many in the XRP community believe that Judge Torres’ decision will once again favor Ripple, resulting in a much lower penalty than what the SEC proposed.
Market Predictions and Community Sentiment
Crypto analysts, including notable figures like JackTheRippler, have made bullish predictions for XRP. Some even see the token hitting the $100 mark if the case concludes positively. Currently, XRP is trading around $0.61, but the palpable optimism among its supporters suggests that a major price rally could be on the horizon, contingent on the judicial outcomes.
Conclusion
In summary, while rumors of a potential settlement between the SEC and Ripple persist, expert opinions like those from Marc Fagel and Fred Rispoli suggest that an out-of-court resolution remains improbable. However, the impending court decision and its repercussions on Ripple’s future financial obligations continue to captivate the crypto world. XRP token holders and investors are eyeing the developments closely, with significant optimism driving current market behavior and forecasts.
