My people! What's up, pals! Here is your favorite correspondent bringing you the hot gossip from the crypto world. And the situation between Ripple Labs and the SEC keeps giving us something to talk about, it seems like a never-ending soap opera! 📺💸
It turns out these two heavyweights have asked the court to please, for the love of everything they hold dear, put a pause on the appeal. Why? Because they are waiting for the lower court, the district court, to finally make a decision once and for all. Can you imagine the tension! 😬
On June 16, the SEC released a little paper asking the court to put the appeals on standby until at least August 15. Yes, you heard right, until August! 📅 By that date, we will receive a new update. This is because Ripple and the SEC are in talks to see if they can reach an agreement. Hopefully, they get their act together and end this drama! 🙏
Look, earlier this year, they had already reached a "verbal" agreement. The idea was for Ripple to pay a smaller fine, 50 million dollars instead of the 125 million they were asking for before, and for them to get the rest of the money back! 🤑 Additionally, the SEC committed to lifting the punishment on the company. Pure peace and love, or so it seemed! 🕊️
But, as in any good novel, there was an unexpected twist! The district court told them NO in May because they didn't see "exceptional" reasons to change the ruling. Oh my God! 🤦♀️ So, without hesitation, Ripple and the SEC struck again on June 12 with a new request, this time with more arguments and asking the district court for a sign! 🤞
Until they have that decision, both Ripple and the SEC agree that it is best to keep the appeals on hold. If the court gives them the green light, then yes, they would ask the Second Circuit to allow them to settle the agreement. Let's see what happens! 👀
And while this legal gossip continues its course, guess what? The price of XRP got its act together and rose by 7%, reaching a peak of $2.34. Although it then dropped a little and is now around $2.23. That's life, it goes up and down like the tide! 📈📉
So stay tuned, my people! This isn't over yet, but I promise to keep you informed of every move in this crypto soap opera. Don't disconnect! 😉$XRP
