The crypto-skeptical commissioner at the American Securities and Stock Exchange Commission blew up his agency in connection with the billing letter, which can eventually end the legal Ripple saga.
Sec and Ripple submitted a joint billing letter in a court in Fresh York with a request to solve an order in August 2024 in the case of ripple and $ 75 million from $ 125 million in civil punishments taking place in Escrow to be returned to the cryptographic company, According to to a statement of May 8 with SEC.
Commissioner Sec Caroline Crenshaw has exploded A expectant contract in a statement of May 8, saying that it will damage the ability of regulatory bodies to maintain cryptographic companies in a queue and challenge the court’s decision.
“It is a settlement, along with the program dismantling of the SEC cryptocurrency enforcement program, is huge harm to public investing and undermines the role of the Tribunal in the interpretation of our provisions regarding securities,” she said.
“In the meantime, the settlement joins the exemptions line that jointly followed the credibility of our lawyers in court who are asked to take legal positions against those who will be taken only a few months ago.”
Under the administration of Trump SEC, she slowly withdrew her challenging position towards cryptographic companies contained under the former chairman of SEC, Gary Gensler, rejecting the growing number of enforcement activities against cryptographic companies.
At the same time, Crenshaw claims that if Judge Torres accepts a settlement, it would erase “security of investors we have already won” and leave the “regulatory vacuum” until Crypto Task Force does not perform a regulatory frame.
“The settlement is not in the best interest of investors and markets that our agency is to serve and protect. It creates more questions than answers.”
In August last year, the judge ordered Ripple to pay a penalty for $ 125 million after he ruled that the XRP token (XRP) token was covered by the provisions regarding securities when he was sold to institutional investors.
What next in the case of Ripple? This is not the end yet
While SEC and Ripple agreed to settle, this is still not a completed contract, according to the former federal prosecutor James Filan, because there are a few steps before the end of a long legal saga.
At the beginning, Judge Torres must issue a judgment indicator if he agrees to the settlement, philan he said In the analysis of May 8 on X.
If Torres gives an approximate decision, SEC and Ripple will ask the second district court court for a constrained role back to judge Torres, who, if granted, causes that according to Filan, another application for a agreed settlement will be submitted.
Related: Bitnomial Drops Sec Process before starting XRP Futures in the USA
“After terminating the order and distribution of SEC and Ripple funds, they will ask the Court of Appeal to dismiss SEC and the Ripple Cross cancellation. Then it will end,” he said.
In December 2020, SEC initially began legal proceedings against Ripple Labs, accusing the company of illegal sale of its token as unregistered security.
Warehouse: Referring Sec at cryptography leaves key questions unanswered
