There have been rumors that the United States Securities and Exchange Commission (SEC) and Ripple may be in negotiations to reach an agreement. former SEC official stepped in and offered some insight into why this wasn’t the case.
Former SEC official dismisses potential Ripple settlement rumors
Former SEC lawyer Marc Fagel has dismissed rumors of a potential SEC-Ripple settlement. Dizer Capital founder Yassin Mobarak had lifted the possibility that the SEC wanted to hold a closed meeting to discuss a potential Ripple settlement. However, Fagel mentioned that the Commission has been holding such meetings almost weekly since the lawsuit against the cryptocurrency company was filed.
A former SEC official suggested the SEC’s closed meeting was routine and did not indicate the regulator was considering a settlement Ripple. Talks are still ongoing about SEC and Ripple potentially dating back to the beginning of the case. However, nothing ever actually materialized as both sides remained at odds and instead decided to let the court decide.
Pro-XRP attorney Fred Rispoli also recently discussed the possibility of a settlement between Ripple and the SEC at this point, stating that a pre-trial settlement is unlikely at this stage, although they could negotiate on outstanding arguments. The court is expected to rule on remedies soon, and Rispoli speculates that a ruling could come later this month.
The SEC asked the court to impose a $102.6 million fine on the company, despite initially asking for almost $2 billion. The current request of $102.6 million is still significantly less Ripple’s Proposed Countermeasuresand the cryptocurrency company demanded that it pay a fine of $10 million.
Rispoli speculates that Judge Analisa Torres will likely award Ripple a monetary penalty of less than $25 million and zero restitution of funds owed to it.
XRP Price Raises Optimism Ahead of Ruling
XRP Price sparks optimism among members of the XRP community ahead of the court ruling. The crypto token has surged more than 38% in the past seven days, making crypto enthusiasts once again believe that it could be mass rally in the store for crypto token. There is also a feeling that Judge Torres’ ruling will likely rule in favor of Ripple again, awarding a penalty significantly lower than the SEC’s proposed remedies.
Such a decision could undoubtedly trigger further upward moves for XRP, as the crypto token already has its eye on a $1 price target. Crypto analysts like JackTheRippler had previously predicted that the price of XRP could rise to as high as $100 once the case between the SEC and Ripple is finally resolved.
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