XRP Lawsuit Update Today: Will Ripple Seek a Penalty Reduction or Pay $125M?
The post XRP Lawsuit Update Today: Will Ripple Seek a Penalty Reduction or Pay $125M? appeared first on Coinpedia Fintech News
A recent development today reveals that the SEC is set to drop the lawsuit against Coinbase, which could be a major win for the crypto industry. But is Ripple next? Lets see what industry experts have to say.
According to Fox Business reporter Eleanor Terrett, the proceedings in the Ripple case are more complex compared to Coinbase. This is because they already have an order from Judge Torres at the district level to pay the $125M penalty, she noted.
Will SEC Drop Appeal At Second Circuit?
She noted that Judge Torres will oversee the case until August 7, 2025, to ensure the penalty is paid. Besides, she also shared that the SEC might decide to drop the appeal at the Second Circuit, but theyll still need to figure out how to handle the penalty ruling in the district court. They could negotiate to reduce or remove the penalty and would need Judge Torress approval to make it official.
She noted that theres a degree of uncertainty in all of this because, as one legal source mentioned to her, We are in uncharted territory right now.
SEC To Drop Lawuit Against Coinbase
As per a recent update, the U.S. Securities and Exchange Commission (SEC) is set to drop its lawsuit against Coinbase, pending approval from the agencys commissioners. If finalized, this could be a significant legal victory for the cryptocurrency industry and a turning point for future regulations.
According to Coinbases Chief Legal Officer, the SEC will soon vote on a deal to dismiss the case against. If the vote passes, it wont just clear Coinbase of legal troublesit could also set an example for other crypto businesses facing similar regulatory challenges.
Ripple vs SEC To End Soon?
Nevertheless, the XRP community believes that the long-running lawsuit between Ripple and the U.S. SEC may soon be over. This optimism comes after the SEC recently showed openness to considering XRP exchange-traded funds (ETFs). Experts suggest that this shift indicates the lawsuit might no longer be relevant or a major concern.
XRP ETF Acknowledgment Raises Hopes
Bloomberg analyst James Seyffart noted that the SEC under its previous leadership would have likely rejected the XRP ETF application, especially after denying a similar one for Solana in December. He believes this new development slightly improves the chances of the ETFs approval. Besides, Nate Geraci, co-founder of the ETF Institute, pointed out that the SECs acknowledgment could have major implications for its ongoing case against Ripple.
Stuart Alderoty, Ripples Chief Legal Officer, also expects a resolution soon, referencing the SECs recent acknowledgment of XRP ETF filings. Legal sources indicate the SEC is prioritizing cases with pressing deadlines, like Krakens due on March 31, 2025, leaving Ripples case on the back seat. However, the Coinbase deal could trigger a chain reaction.
Read more: https://coinpedia.org/news/sec-set-to-drop-coinbase-lawsuit-but-is-ripples-battle-more-complex/
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
