There are rumors that the US Securities and Exchange Commission (SEC) and Ripple may be in negotiations to reach a settlement. former SEC official has intervened and provided insight into the reasons why this may not be the case.
Former SEC Official Denies Rumors of Possible Ripple Settlement
Former SEC attorney Marc Fagel has dismissed rumors of a potential settlement between the SEC and Ripple. The Dizer Capital founder Yassin Mobarak had raised the possibility that the SEC wanted to hold a closed meeting to discuss a potential Ripple settlement. Fagel named that the Commission has held such meetings almost every week since the lawsuit against the crypto company was filed.
The former SEC official suggested that the closed-door meeting the SEC held was routine and did not mean the regulator was considering settling with RippleDiscussions are still ongoing about the SEC and Ripple potential since the case began. However, nothing ever really happened as both parties are at odds with each other and have chosen to let the court decide.
Pro-XRP attorney Fred Rispoli also recently discussed the possibility of Ripple and SEC settling on this issue, explanatory that a pre-judgment settlement is unlikely at this point, though they can negotiate unresolved arguments. The court is expected to rule on remedies soon, with Rispoli speculating that a verdict could come by the end of this month.
The SEC has asked the court to impose a $102.6 million fine on the company, even though they originally asked for almost $2 billion. Their current request of $102.6 million is still well below The solutions proposed by Ripplewith the crypto company demanding a $10 million fine be imposed on them.
Rispoli suspects that Judge Analisa Torres would likely impose a fine of less than $25 million on Ripple and a $0 restitution order.
XRP Price Sparks Optimism Ahead of Verdict
The price of XRP is fueling optimism among XRP community members ahead of the court ruling. The crypto token has surged by over 38% in the past seven days, giving crypto enthusiasts renewed faith that there is a huge rally in store for the crypto token. There is also the feeling that Judge Torres’ ruling will likely once again favor Ripple as it imposes a penalty that is far below the measures proposed by the SEC.
Such a statement could undoubtedly trigger further upward movements for XRP as the crypto token is already eyeing the $1 price target. Crypto analysts like JackTheRippler had previously predicted that XRP could rise to $100 once the SEC’s lawsuit against Ripple is finally resolved.
Main image created with Dall.E, chart from Tradingview.com