Pro-Crypto Lawyer Weighs In on Ripple vs SEC Settlement

The XRP community is hopeful that the Ripple vs. SEC lawsuit, which has been ongoing for over four years, could be settled by August 15. However, legal expert Marc Fagel has dampened those hopes. He explains in a post on X that any potential settlement does not have a specific date but depends on the outcome of the ongoing appeals. Fagel, a former SEC attorney, said that it could take up to two months for the SEC’s appeal to be dismissed. This means any settlement may not happen until after mid-August. His comments respond to a suggestion from a user on X about a possible settlement that would involve a $50 million penalty without an injunction against Ripple. However, Fagel strongly disagreed with this possibility. Court Rejects XRP Lawsuit Settlement Request On June 26, the judge presiding in the case, Analisa Torres, rejected a joint request from both Ripple and the SEC . Both parties had agreed to settle the case with a reduced $50 million penalty and to remove the ban on Ripple’s institutional sales of XRP. However, the court declined, keeping the original $125 million fine and injunction in place. The judge ruled that there were no exceptional circumstances to justify reversing the previous decision. As it stands, Ripple faces a penalty of $125 million and an injunction. There are no other options available unless both sides agree to withdraw their appeals. According to Fagel, this suggests a potential settlement in the Ripple vs. SEC case. This new development has sparked more conversations in the crypto community, particularly among XRP holders and investors seeking clear legal answers. While many are hopeful, the legal situation suggests that a quick solution is unlikely. Ripple Drop Case Appeal, Markets React On June 27, the San Francisco-based blockchain payment firm dropped its appeal in the lawsuit with the SEC. Notably, this case has hindered the wider adoption of XRP, particularly among banks and large financial institutions. Now that the case is over , investors are showing new confidence in XRP. The digital coin rose over 3.5% in a few hours on June 28 and hit a high of $3.18. During that time, traders who bet on the price falling lost over $5.5 million. Meanwhile, as of the time of writing, the XRP price is trading at $3.30, a 5% drop in the last 24 hours, according to CoinMarketCap data. This drop coincides with Fagel’s comment. Ripple Plans to Move Forward Recall that Ripple has stated its intent to focus entirely on business growth and innovation. Ripple CEO Brad Garlinghouse reiterated the company’s commitment to building the Internet of Value. This idea aims to make cross-border payments faster, cheaper, and more accessible using XRP and blockchain technology. Additionally, the community is hoping that the approval of the XRP exchange-traded fund (ETF) will be expedited now that the legal battle surrounding the digital currency is resolved. Many believe leading digital asset manager BlackRock will be the first to launch a crypto investment firm in the United States. The post Pro-Crypto Lawyer Weighs In on Ripple vs SEC Settlement appeared first on TheCoinrise.com .

Source: The Coin Rise