Ripple CEO Brad Garlinghouse recently provided important information about Ripple's progress. The company has officially withdrawn its participation in the dispute with the SEC, despite years of legal tension. This decision could mark the end of one of the most prominent lawsuits in the cryptocurrency space.
Recently, Judge Torres denied a joint request from the SEC and Ripple for approval of a proposed settlement. This settlement proposed reducing Ripple's civil penalty to $50 million and lifting the permanent ban. This indicates that, despite progress, the situation remains unclear.
Some social media users have emphasized that the battle is not over until the SEC officially confirms it. Lawyer Bill Morgan shared that a vote from SEC commissioners is still necessary, but now it's just a matter of time.
SEC Needs to Vote, Results May Be Predictable
Marc Fagel, a former SEC official, explained that the SEC still needs to conduct an official vote to withdraw the appeal. The previous vote only approved the proposed settlement, not to dismiss the entire case. Because the agreement is conditional and the court did not approve it, the SEC will now need to hold a separate vote to officially withdraw the appeal.
This shows that although the lawsuit between Ripple and the SEC is nearing its end, there are still some legal procedures that need to be completed before everything returns to normal. This uncertainty may create some pressure on the cryptocurrency market during this period.
Ban Still in Effect
Marc Fagel affirmed that although the legal battle between Ripple and the SEC is nearly over, the ban on Ripple remains in effect. When asked about Ripple's distribution strategy, he warned that distributing XRP through other companies may still violate securities laws, although the SEC currently has a fairly loose enforcement level.
The fact that Ripple was ready with this decision less than a day after Torres' ruling shows that the company had carefully planned for this scenario, discussed with the SEC, and reached the necessary agreements to proceed.
Situation Assessment: Timing is Not Coincidental
Lawyer Fred Rispoli commented on Ripple's surprising announcement and emphasized that this timing is not coincidental. Ripple's decision to withdraw from participation just one day after Judge Torres' final ruling suggests that the outcome was likely anticipated.
According to Rispoli, Ripple and the SEC have discussed terms in secret, laying the groundwork to end this long-standing battle without attracting attention today.
2023 Ruling: XRP is Not a Security in Retail Transactions
The price of XRP rose to $2.15 after this announcement. The lawsuit will be completely closed when the SEC also withdraws its appeal, which is expected to happen in the coming weeks. The important 2023 ruling remains unchanged, confirming that the sale of XRP on exchanges is not considered securities, providing clarity for retail traders.
The absence of clear sanctions will serve as a significant boost for the market, facilitating Ripple's recovery and the sustainable development of XRP.
Source: https://tintucbitcoin.com/ripple-va-sec-vu-kien-chua-ket-thuc/
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