There have been rumors that the United States Securities and Exchange Commission (SEC) and Ripple may be in negotiations to reach an agreement. former SEC official stepped in and provided information as to why this might not be the case.
Former SEC official denies rumors of possible Ripple deal
Former SEC attorney Marc Fagel has denied rumors of a possible settlement between the SEC and Ripple. Dizer Capital founder Yassine Mobarak had raised the possibility that the SEC may consider holding a closed-door meeting to discuss a possible settlement with Ripple. However, Fagel mentioned that the Commission has held such meetings almost every week since the lawsuit against the crypto company was filed.
The former SEC official suggested that the closed-door meeting held by the SEC was a routine meeting and did not mean the regulator was considering reaching a settlement with Ripple. We continue to talk about the The SEC and Ripple The two sides were able to reach an agreement early on in the case. But nothing ever really came to fruition as both sides remained at odds and chose to let the court decide.
Pro-XRP attorney Fred Rispoli had also recently raised the possibility of Ripple and the SEC reaching a settlement at this point, declarant A settlement is unlikely at this stage, although the parties could negotiate on the unresolved arguments. The court is expected to issue its judgment on the appeals soon, with Rispoli speculating that the decision could be issued by the end of the month.
The SEC asked the court to order a $102.6 million monetary penalty against the company, down from its initial request for nearly $2 billion. Its current request of $102.6 million is still far less than what the SEC requested. Solutions offered by Ripplethe crypto company demanding a $10 million penalty be imposed on them.
Rispoli speculates that Judge Analisa Torres would likely award a penalty of less than $25 million and $0 restitution against Ripple.
XRP Price Sparks Optimism Ahead of Decision
XRP Price sparks optimism among members of the XRP community ahead of the court ruling. The crypto token has surged by over 38% in the last seven days, once again making crypto enthusiasts believe that there could be a mass gathering in reserve for the crypto token. There is also the feeling that Decision of Judge Torres will likely again favor Ripple as it awards a penalty much lower than the remedies proposed by the SEC.
Such a move can undoubtedly trigger further upward movements for XRP, with the crypto token already targeting the $1 price target. Crypto analysts like JackTheRippler had previously predicted that XRP could hit $100 when the SEC-Ripple deal is finally concluded.
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