Ripple Labs and US Securities and Trade Fee (SEC) have recently filed a joint motion to resolve their long -running legal disputes. This step indicates that both sides are close to ending their four -year -old dispute over XRP.
Legal clash background
In December 2020, SEC accused Ripple Labs of selling XRP Token as a security without registration. After this allegation, Ripple gave the reason that XRP is a digital currency, not security. In July 2023, a judge did not consider the sale of XRP on RIPPLE’s public exchanges as a viage of security laws, but illegally illegally sold to institutional investors and fined RIPPLE by $ 125 million.
The purpose of joint motion
On 10 April 2024, RIPPLE and SEC together filed a resolution, seeking to stop all the moves related to the appeal. Its purpose is to give time to both sides to reach an agreement, so that the pending legal process can be eliminated. Meanwhile, suddenly after a big fall in price XRP raised a huge boom, causing ripple cryptocurrency to reverse Done.
Possible agreement conditions
According to sources, Ripple is ready to give a $ 50 million civil penalty and withdraw its cross-appeal. However, the agreement is yet to be approved by SEC commissioners.
Role of new chairman of SEC
After taking over on 9 April 2024 as the new chairman of Paul Atkins, his balanced and crypto-friendly approach has led to a boom in the process of this agreement. In his chairmanship, Sec vs ripple case There is a possibility of early compromise about it.
Current stage of legal process
In October 2024, SEC filed its appeal against Ripple and Ripple filed its cross-appeal in November 2024. SEC was to file its main petition by 15 January 2025. Ripple has requested the deadline of 16 April 2025 for its response.
Conclusion
This legal clash between Ripple and SEC is important for the Crypto industry, as its result Crypto Assets will affect the legal status. Joint proposals and potential settlements look like a positive step in this direction, but the final decision will depend on the approval of SEC commissioners and upcoming legal processes.
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