XRP News: Ripple launches RLUSD stablecoin website, sparking speculation in the XRP community about a possible end to the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). Some see the move as a sign that Ripple’s legal battle with the SEC is coming to an end. However, prominent figures in the crypto space are advising caution, suggesting new lawsuits could be on the horizon.
Ripple to face another SEC lawsuit?
When a crypto influencer questioned the impact of RLUSD in the ongoing Ripple SEC lawsuit, attorney Fred Rispoli offered his thoughts. Rispoli, a staunch XRP supporter, recently commented on the potential impact of the RLUSD website going live. He stated, “Any questions from the SEC regarding $RLUSD are for another lawsuit and cannot be directed into one that is about to end!”
The comments highlight the possibility that even if the current lawsuit ends, Ripple’s new stablecoin project could face new scrutiny. Previously, the blockchain company’s president, Monica Long, said RLUSD would be launched in 2024. In addition, the creation of a dedicated website suggests the company is in the final stages of preparation.
While an exact launch date has yet to be announced, industry observers are closely watching the progress of the RLUSD stablecoin. This anticipation is understandable, as many XRP enthusiasts are hoping that the launch of RLUSD will mean that the Ripple SEC lawsuit is about to be resolved.
However, the blockchain company may be able to avoid the risk of another lawsuit if a pro-cryptocurrency government comes to power after the November election. Presidential candidate Donald Trump has repeatedly reiterated his pro-cryptocurrency stance. In addition, former SEC lawyer Marc Fagel believes that if a pro-cryptocurrency candidate wins, the agency's attitude toward the cryptocurrency industry may change.
Relief Determination Timeline
Former Ripple director Sean McBride recently fueled speculation by posting on X that Judge Torres would make a ruling in August. His post attracted a lot of attention from the XRP community and the wider cryptocurrency space. McBride said there was a “50/50” chance that Judge Torres would make a ruling in August.
After one user pointed out in a comment on the post that Ripple CEO Brad Garlinghouse had previously predicted that the XRP lawsuit would be resolved by the end of the summer, McBride responded by saying that if the ruling is delayed, then there is a good chance that Judge Torres will issue a ruling before the end of September.
However, speculation that Ripple and the SEC may reach a settlement has been refuted by legal experts. Bill Morgan, a lawyer who supports XRP, and Marc Fagel, a former SEC lawyer, both downplayed the possibility of a settlement.
Morgan recently said that the chances of a settlement being reached are “unlikely.” He also said that if a settlement were reached, it would be a compromise rather than a major victory. In addition, he noted that Ripple may still face significant challenges related to XRP sales beyond December 2020 and future token sales.
XRP News: 1 Billion Tokens Unlocked
The ongoing XRP lawsuit has divided opinion among legal experts and supporters of the token. Comments from Ripple executives, including Brad Garlinghouse, have fueled speculation about the possible outcome.
Additionally, Ripple’s Q2 2024 XRP Market Report expressed confidence in a “fair” ruling. The report stated that regardless of the outcome, they believe the core ruling that XRP is not a security will remain unchanged.
The SEC has demanded a massive fine of $1 billion (excluding interest) from the cryptocurrency company for the alleged violations. Instead, Ripple has indicated it is willing to settle for no more than $10 million. This huge gap suggests that reaching a settlement could be challenging.
However, according to the latest XRP news, 1 billion XRP worth about $579.43 million was unlocked. This caused the XRP price to plummet 8% and fell below the psychological support level of $0.6. This move further sparked speculation about Ripple's SEC lawsuit settlement. Netizens viewed this move as a means to pay the fine and reach a resolution.
