The legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) continues, with new developments that could have major implications for the future of Ripple and its associated cryptocurrency, XRP.
In a recent ruling, Judge Torres denied the SEC’s bid earlier this month to immediately appeal her previous decision that Ripple does not own or control the XRP Ledger. This reinforces the notion that XRP is decentralized and not a security.
Top XRP analyst JackTheRippler suggested settlement talks may be underway between Ripple and the SEC.
🚨RUMORS:
— JackTheRippler ©️ (@RippleXrpie) October 6, 2023
The SEC and Ripple talk about a SETTLEMENT! 👀🔥 #XRP pic.twitter.com/s39fKhC3zD
If Ripple reaches a settlement agreement with the SEC, it would likely mean the end of regulatory uncertainty for XRP. No longer deemed a security, XRP could potentially see substantial increases in adoption and trading volume on US exchanges. Ripple would also avoid an expensive and prolonged legal fight. This would be a hugely positive long-term development for Ripple and XRP holders.
However, the legal drama is far from over. Judge Netburn set an April 2024 trial date to resolve other outstanding issues. Meanwhile, the SEC maintains XRP is an unregistered security and illegal to trade in the US. The final outcome remains uncertain, but Ripple and the broader XRP community are optimistic the crypto asset will eventually shake its security status.
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