Latest XRP Case Update: Top Reasons Behind SEC Dropping Its Appeal Against Ripple
Highlights
- Fred Rispoli shares insights on the possible reasons behind the SEC's decision to drop the XRP case.
- SEC’s latest move likely signals the regulator’s ways of negotiating a settlement.
- The SEC’s move has provided clarity on the legal status of XRP, says Bill Morgan.
Legal expert Fred Rispoli has recently shared insights on the possible reasons behind the US Securities and Exchange Commission’s (SEC) decision to dismiss the XRP case.
In addition, XRP lawyers like Bill Morgan have also weighed in on the matter, reflecting on the possible implications of the XRP case’s end. Let’s examine what experts are saying about the SEC’s decision and how the settlement could impact the crypto industry.
Why Did the SEC Drop the XRP Case? Key Insights
In the latest XRP case update, the US SEC has reportedly decided to drop its appeal in the lawsuit. Despite this significant development, Ripple has opted to keep its cross-appeal active. This has prompted lawyer Fred Rispoli to weigh in on the possible factors driving the SEC’s move.
Primarily, the attorney linked the SEC’s decision with its recent moves in multiple crypto lawsuits. In a couple of developments, the US SEC dismissed many crypto lawsuits involving Kraken, Coinbase, Robinhood, and more. Reflecting on these developments, Rispoli stated that the SEC’s latest move likely signals the regulator’s ways of negotiating a settlement.
Will Ripple Drop Its Cross-Appeal?
Though Ripple CEO Brad Garlinghouse has unveiled the SEC’s potential dismissal of the XRP case, the agency hasn’t released an official announcement on it. Ripple also remains silent on the matter and hasn’t yet dropped its cross-appeal.
However, Rispoli stated that SEC’s settlement negotiations could ultimately lead to Ripple dropping its cross-appeal. Reportedly, the SEC may ask Ripple to drop the cross-appeal for a reduced fine. In addition, this agreement could also involve lifting the permanent injunction imposed by Judge Analisa Torres.
Moreover, the potential agreement between the SEC and Ripple could pave the way for Ripple to announce a highly anticipated IPO. While the prolonged lawsuit hindered Ripple’s IPO chances, the agreement could accelerate Ripple’s plans for an initial public offering (IPO).
Recently, expert All Things XRP predicted the potential developments within the XRP ecosystem post the Ripple case settlement. These developments included IPO, new collaborations, CBDC and stablecoin initiatives, and more.
SEC Brings Clarity on XRP’s Status
Meanwhile, lawyer Bill Morgan took to X to shed light on the potential implications of the Ripple case dismissal on XRP. According to him, the SEC’s move has provided clarity on the legal status of XRP; it has been classified as a non-security.
Notably, Bill Morgan’s words echo the XRP community’s broader sentiment. The community is celebrating the crucial development that marks a significant victory for Ripple and the broader crypto industry.
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