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Ripple Settlement Rumors Back in Spotlight as Fox Business Correspondent Shares Scoop

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Thu, 9/02/2023 - 15:13
Ripple Settlement Rumors Back in Spotlight as Fox Business Correspondent Shares Scoop
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In a tweet, FOX Business journalist Eleanor Terrett hinted that the United States Securities and Exchange Commission (SEC) might soon make a potentially big announcement.

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"SCOOP: My SECGov sources tell me to be prepared for a potentially big announcement tomorrow. Could it have something to do with a krakenfx settlement following a closed meeting at 2pm? Could settlement terms have industry ramifications? We'll see." Terrett wrote.

An XRP enthusiast, Yassin Mobarak, asked in response, "Could it be a Ripple settlement?"

WhaleChart, a cryptocurrency-related Twitter account, tweeted, "Leak reveals SEC will make a major announcement today. Ripple or Kraken settlement?"

The SEC is expected to have a closed meeting on Feb. 9 at 2 p.m. ET.

Ripple is in the midst of a legal battle with the SEC, which alleges that the $1.3 billion sale constituted an unregistered security offering.

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The outcome of the lawsuit is believed by many to have far-reaching implications for the entire crypto industry.

According to CryptoLaw founder John E. Deaton, a settlement might come after a verdict from the ruling judge. Ripple CEO Brad Garlinghouse said the settlement with the SEC could only be considered if the XRP is deemed a nonsecurity.

SEC investigating Kraken exchange: Bloomberg

Bloomberg reports, citing unnamed sources, that the Securities and Exchange Commission (SEC) has commenced a probe into whether top crypto exchange Kraken broke securities rules related to certain offerings to U.S. clients.

The Securities and Exchange Commission's investigation into whether Kraken offered unregistered securities is at an advanced stage and may result in a settlement soon, it stated, quoting the unnamed source. Which tokens or offerings are under investigation was not immediately clear.

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