The post Ripple vs SEC: US SEC Pushes for $102M Settlement with Ripple as XRP Lawsuit Nears Conclusion appeared first on Coinpedia Fintech News
After more than three years of legal dispute over XRP sales between the United States Securities and Exchange Commission (SEC) and Ripple Labs, the case has reached the final phase.
Following the notable change in cryptocurrency oversight by the United States government amid approaching elections, the U.S. SEC has advocated for a settlement with Ripple.
Moreover, the US SEC has finalized a settlement with Terraform Labs and Do Kwon for violating securities laws.
US SEC vs Ripple Settlement Deal
According to a court document filed on June 14 by the US SEC to the presiding judge Analisa Torres, a settlement deal is inevitable and on the horizon. Late last week, Ripple filed a notice of supplemental authority regarding the Terraform Labs consent judgment, which resulted in a $4.47 billion settlement.
The @SEC is raging. Ripple defended itself – “agreeing to nothing.” The court gave clarity that XRP is not a security. There are no “victims” to compensate. And worst of all for the @SEC, Ripple is thriving. But at least @SEC seems to have abandoned its absurd demand for $2B. https://t.co/KVSkB9OqlH
— Stuart Alderoty (@s_alderoty) June 15, 2024
Notably, Ripple has continued to advocate for a $10 million fine settlement and not the hefty fine proposed by the US SEC. In its response letter, the US SEC urged the court to consider issuing $102.6 million for the $876.3 million XRP sales found to have violated securities laws.
According to Stuart Alderoty, Ripple and XRP have continued to thrive since the court ruled the digital asset is not security. Most importantly, Alderoty acknowledged the fact that the US SEC has dropped its demand from $2 billion to about $102 million.
Impact on XRP Price Action
The recent legal developments in the SEC vs Ripple case have helped the XRP price establish a robust support level of around 50 cents. The large-cap altcoin, with a fully diluted valuation of about $49 billion, is well bolstered by notable Ripple-backed developments and acquisitions.
In the past week, Ripple announced the acquisition of Standard Custody, to complement Metaco services.
The company also announced a web3 fund for South Korean and Japanese web3 developers. Meanwhile, Ripple has unveiled an EVM-compatible sidechain on the XRPL amid the anticipated launch of its fiat-backed stablecoins.
