According to a recent report by "Crypto In America" host Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) is currently wrapping up the Ripple case.
The price of the XRP token has surged by 3.5% on the news, according to CoiniGecko data.
According to Terrett, the case is yet to be dropped due to Ripple trying to negotiate more favorable terms.
Last August, US District Judge Analisa Torres ordered the enterprise blockchain company to pay a $125 million fine while also prohibiting it from XRP to institutional players as part of the court's final judgment.
The SEC then moved to appeal Torres's 2023 ruling, which stated that Ripple's XRP sales to retail investors were not unregistered security offerings. This was followed by Ripple's cross-appeal.
Following the departure of former Chair Gary Genser, the SEC has aggressively moved to roll back cryptocurrency enforcement.
The agency has dropped cases against such major firms as Coinbase and Kraken without even a slap on the wrist while also ending major crypto investigations against the likes of Uniswap Labs and Robinhood Crypto.
Now, Ripple is reportedly arguing that it should not be penalized either since the agency is seemingly "unsure" whether the company committed any wrongdoing.
Dan Burgin
Vladislav Sopov