XRP Lawsuit: Is Truce Close Amid “Settlement Conference” Schedule?

There are ongoing speculations that Ripple Labs Inc. may be holding a settlement conference with the United States Securities and Exchange Commission (SEC) over the ongoing XRP lawsuit. This speculation came after CEO Brad Garlinghouse and CLO Stuart Alderoty were spotted in New York. 

XRP Lawsuit: Settlement Speculation Swelling

One XRP community member known on X as BobaFete claimed to have seen Garlinghouse and Alderoty in front of the federal courthouse in New York earlier today. BobaFete speculated that the executives may have arrived at the premises to have XRP lawsuit settlement talks with the U.S. securities agency. 

While several entities including John Deaton’s CryptoLaw, are trying to confirm the veracity of this information, FOX Business reporter Eleanor Terrett acknowledged that Court Listener had previously stated a “Settlement Conference” scheduled for March 29. This explanation suggests that Garlinghouse and Alderoty may have been in NY for the scheduled conference. 

Terrett also shared a screenshot of a document from the time when the court denied the SEC’s motion for an interlocutory appeal against Ripple. In this document, it was clearly stated that the next hearing for Ripple vs SEC is April 16, 2024, during which both parties will appear for a final pretrial conference. However, there was allowance for another meeting before the final pretrial conference although no date was scheduled.

According to the document dated October 3, 2023, counsel for both parties and the parties themselves were billed to meet for a minimum of one hour before the day of the final pretrial conference to discuss the settlement of the three-year-long XRP lawsuit. 

Even though all of this information supports the fact that Ripple CEO and CLO may have been in NY for this settlement talk, no official comments have been made concerning the meeting.

SEC Demands $2B In Settlement Fines

Meanwhile, the SEC has been trying to get Judge Analisa Torres to give her final judgment on the XRP lawsuit. As part of this judgment, the agency wants the court to approve penalties of nearly $2 billion for the crypto payment platform for violations of securities laws. This is apart from permanent injunctions, disgorgement, and prejudgment interest.

Alderoty has slammed the $2 billion fine demanded by the SEC in the yet-to-be-closed XRP lawsuit. He pointed out some inconsistencies of the US SEC as a regulator that “trades in statements that are false, mischaracterized and designed to mislead.” 

With Alderoty promising to file a response for Ripple in April, this potential meeting is adding a new dimension to the XRP lawsuit uncertainty.