Pro-XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow
2024年7月18日 - 2:00AM
NEWSBTC
A rumor claiming a potential settlement between Ripple and the US
Securities and Exchange Commission (SEC) scheduled for a closed
meeting on July 18 has been debunked by former SEC regional
director and pro-XRP lawyer, Marc Fagel. According to Fagel, the
likelihood of a settlement being discussed in this particular
meeting is highly improbable, despite the community’s hopeful
speculations. Ripple-SEC Settlement Is Highly Unlikely The rumor
was initially fueled by Brett Hill, an ambassador for the
cryptocurrency exchange Bitrue, who suggested via the social media
platform X that the SEC’s private meeting might finalize the
long-standing legal battle between Ripple and the regulator. Hill
cited “reliable sources” and pointed to a screenshot of the SEC’s
official meeting announcement, which, however, did not explicitly
mention the Ripple case. Related Reading: Expert Foresees XRP
Soaring To $250: Technical Analysis Explained Reacting to the
speculation, Marc Fagel humorously commented on X, saying, “I mean,
they’ve had about 150 of these nearly-weekly meetings since the
case was filed, and Crypto Twitter was convinced a settlement was
being discussed at every one of those meetings, but this is
DEFINITELY the one! [Narrator: It’s not the one.]” According to the
SEC’s announcement, the meeting’s agenda will cover topics such as
the institution and settlement of injunctive actions,
administrative proceedings, resolution of litigation claims, and
other matters related to enforcement proceedings. Although the
agenda does include topics that could theoretically encompass a
settlement with Ripple, there is no direct evidence to suggest that
this is planned for discussion. In contrast, another pro-XRP
lawyer, Fred Rispoli, has outlined a potential future date, July
31, for a possible resolution, albeit noting that a “pre-judgment
settlement is unlikely.” Rispoli’s prediction includes a possible
penalty not exceeding $25 million for Ripple, without any
disgorgement. Related Reading: XRP & Litecoin See Social Media
FOMO: Bad Sign For Prices? The SEC has been engaged in a legal
tussle with Ripple since December 2020. Following the summary one
year and 4 days ago, both parties are currently waiting for a
remedy and penalty ruling by Judge Analisa Torres. The SEC is
pursuing a penalty of $102.6 million against Ripple, markedly lower
than the almost $2 billion initially demanded. Ripple has suggested
capping the penalty at $10 million, citing the Terraform Labs case
as a precedent. Nonetheless, the SEC has dismissed this proposal in
its reply brief, stating that such a minimal amount would not align
with the objectives of civil penalty statutes. XRP Price Gains
Momentum Over the past 12 days, the price of XRP has surged from
$0.38 to over $0.61, marking a 61% increase. Although Bitcoin
spearheaded the broader recovery in the cryptocurrency market, XRP
has emerged as one of the top performers during this period. While
no specific news can be directly linked to this price movement, the
favorable technical chart setup for XRP, along with potential
influence from settlement rumors, have likely contributed to the
significant uptick. At press time, XRP traded at $0.61551. Featured
image from YouTube, chart from TradingView.com
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