The long-standing legal dispute between the SEC and Ripple is nearing its conclusion as both parties have reached an agreement. Let's delve into the key details.
Details of the SEC and Ripple Agreement
Last week, the SEC agreed to drop its appeal without conditions, and Ripple followed suit. Under the agreement, the SEC will retain $50 million of the $125 million fine, held in an escrow account, with the balance being returned to Ripple. The SEC will also request the court to lift the standard injunction.
Reactions from Lawyers and Market Participants
Attorney Fred Rispoli quickly responded to Alderoty's post, expressing frustration and sympathy for SEC lawyers who worked tirelessly on the case. He pointed out that their efforts seemed to have been wiped out instantly. Some X users noted that the real victims were the Ripple team and XRP holders, who faced stress and financial losses due to the lawsuit.
Importance of the Decision for Ripple and XRP
Fred Rispoli provided an updated timeline indicating that the paperwork is prepared, and they are awaiting an SEC Commission vote within 30 days. Following the vote, the SEC will move to lift the injunction, which Ripple will not oppose. Once the judge signs, this case will be concluded within 60 days. This resolution is crucial for Ripple and XRP holders, providing clarity on XRP's legal status and potentially setting a precedent in cryptocurrency regulation.
The conclusion of this case is significant for Ripple and XRP holders, as it will clarify XRP's legal status and set a regulatory precedent for cryptocurrencies.
