Well, I say, old bean, it appears the crypto world is in a bit of a tizzy, what? XRP, that plucky third-largest cryptocurrency by market cap, has dashed past the $3 mark for the first time in over a week. Jolly good show! All this hullabaloo amid whispers-nay, outright cackles-that the US Securities and Exchange Commission (SEC) might finally drop its interminable case against Ripple Labs. 🤑
The XRP token, bless its digital soul, vaulted above the $3 psychological barrier on Thursday, surging a hearty 4.5% in 24 hours, according to the ever-reliable CryptoMoon data. Investor confidence, previously as shaky as a butler with the jitters, has been bolstered by a dash of regulatory clarity and the growing hope that the SEC’s appeal might be shown the door. 🕵️♂️
Enter stage left, the indefatigable lawyer Bill Morgan, who took to X (formerly known as Twitter, don’t you know) to prognosticate that the SEC might vote to dismiss the appeal before the August 15 deadline. “Dismissal of the appeals may happen, and is more likely to happen than not,” he chirped, with all the confidence of a man who’s just won the annual village cricket match. 🏆
Morgan, ever the optimist, noted that Ripple had already agreed to dismiss its appeal, and both parties had previously signed a conditional settlement agreement. Alas, the conditions were not met at the time, but one mustn’t dwell on past misfortunes, what? Still, the parties could request an extension, though Morgan deems this “unlikely.” One can almost hear him tutting. ☕
The SEC and Ripple are due to file a joint report with the US Court of Appeals for the Second Circuit by August 15. This could lead to the appeal’s dismissal and potentially finalize the settlement, pending court approval, thus concluding the nearly five-year legal farce. If approved, the case will be reopened in the district court for final authorization. Quite the bureaucratic merry-go-round, eh? 🎢
SEC vs Ripple Labs: The Legal Battle That Makes Cricket Seem Riveting
Ongoing since December 2020, the SEC’s lawsuit against Ripple Labs has been the most high-profile legal dispute in crypto history. The regulatory agency alleged that Ripple raised a cool $1.3 billion through unregistered XRP securities sales. Quite the sum, wouldn’t you say? 💼
In July 2023, Judge Analisa Torres ruled that XRP was not a security in retail sales but constituted one when sold to institutional investors. She then imposed a $125 million fine on Ripple in August 2024. On June 12, Ripple and the SEC filed a joint motion to release the $125 million held in escrow accounts, with $50 million transferred to the SEC and the remaining $75 million returned to Ripple, pending court approval. Quite the financial pas de deux. 💃
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2025-08-07 16:51