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Has Ripple Settled with SEC?

Mon, 11/14/2022 - 16:13
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Alex Dovbnya
XRP community was ablaze with speculation after chyron announcing settlement appeared on Fox Business
Has Ripple Settled with SEC?
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A spokesperson for blockchain company Ripple has denied Fox Business's report about Ripple reaching a settlement with the U.S. Securities and Exchange Commission.

Earlier today, a chyron appeared during Maria Bartiromo's show, "Mornings with Maria," and read, "SEC VS. RIPPLE SETTLEMENT EXPECTED TOMORROW."

The bombshell chyron aired during an interview with Bitcoin advocate Natalie Brunell.

Neither Bartiromo nor Brunell mentioned anything about the settlement part when discussing the Ripple case.

However, the XRP community was ablaze with speculation despite the fact that there was no indication that the parties were ready to come to an agreement.

As reported by U.Today, Ripple CEO Brad Garlinghouse said that the lawsuit was likely to end in the first half of 2023.

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Garlinghouse did not rule out settling with the SEC, but that would require recognizing XRP as a nonsecurity. Such a condition is likely to be a nonstarter for the plaintiff.

Ripple unsuccessfully attempted to settle with the SEC before the company got hit with the lawsuit in December 2020.

Both parties filed motions for summary judgment in September in order not to go to trial.

Earlier this month, peer-to-peer content distribution network LBRY, a Ripple ally, lost a similar lawsuit against the SEC. However, XRP proponents continue to believe that the precedent-setting ruling does not necessarily bode well for Ripple's chances.

Earlier today, Stuart Alderoty, Ripple's general counsel, slammed the SEC for repeatedly trying to "cajole market participants" to register with the regulator.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.