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A pivotal regulatory turning point could soon materialize for the XRP crypto coin and the broader crypto market in the US. Reports indicate that the legal tussle between Ripple Labs and the US Securities and Exchange Commission (SEC) is inching towards a resolution.
The SEC Lawsuit against Ripple Nears Settlement
The SEC raised a lawsuit against Ripple towards the end of 2020. It accused the company of selling its crypto coin, XRP, as an “unregistered security”. The move had a significant impact on XRP, triggering a sustained fall in its price, which notably oscillated between $0.30 and $0.50 for a few years.
The delay in reaching a settlement has been largely attributed to Ripple’s legal team’s efforts to negotiate more advantageous terms following a district court ruling in August. The court imposed a hefty fine of $125 million on Ripple and permanently barred the company from selling XRP to institutional investors.
US Crypto Regulations: A Changing Landscape
According to Terret, Ripple’s legal strategy heavily relies on the premise that if the SEC’s new leadership is exonerating previously targeted crypto firms, it would be unjust for Ripple to continue facing penalties.
The SEC’s reluctance to acknowledge potential wrongdoing further complicates the case. Acceptance of the Torres ruling would essentially mean Ripple admitting to misconduct, a stance which seems inconsistent with the SEC’s emphasis on regulatory clarity and enforcement in the cryptocurrency sector.
There appears to be a broader shift in the regulatory focus under the new Trump administration, which has indicated a softer approach towards cryptocurrency firms. The SEC has started to tone down legal actions against leading players in the cryptocurrency market, such as Coinbase, Kraken, and Uniswap Labs, underlining a potential shift towards encouraging innovation over aggressive enforcement.
XRP’s Price Volatility Amid Market Downturn
As of the present, XRP’s trading price stands at $2.20. It exhibits signs of recovery with a 1.2% increase recorded within the 24-hour timeframe.
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FAQs
What is the current status of the Ripple SEC lawsuit?
Ripple’s lawsuit with the SEC is reportedly in its final stages, and a resolution is expected soon.
How has the lawsuit impacted XRP’s prices?
The legal action against Ripple by the SEC has significantly affected XRP prices, leading to a sustained period of price fluctuation.
What does the future hold for Ripple and XRP?
The future of Ripple and XRP heavily relies on the outcome of the ongoing lawsuit. A favorable resolution for Ripple could potentially lead to a surge in XRP prices.
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