- Ripple’s legal fight with the U.S. SEC could be coming to an end, after both sides agreed earlier on stopping their legal appeals.
- John Squire provided his analysis of the case and suggested that a settlement would lead to approval of an XRP exchange traded fund.
Ripple and the United States Securities and Exchange Commission appear to be moving toward a resolution of their lengthy lawsuit after years of litigation. The SEC had a closed door session on April 10th, and the SEC filed an appeal for both parties to delay their appeals. This shows a mutual desire to resolve the issue outside of court.
The SEC made its complaint in December 2020 against Ripple. It claimed that by selling the XRP Tokens, Ripple had sold unregistered Securities. This case became an instant lightning rod for the larger fight about how to regulate cryptocurrency in the US.
Analisa Torres, a judge in 2023 declared that XRP wasn’t a securities when sold on the public exchanges.
The signs of settlement
Crypto analyst John Squire It was noted that the combination of this action and an increase in activity by XRP Whales and Institutional Players suggests there are major discussions taking place behind close doors. “All signs are converging on a very specific moment: tomorrow,” Squire clause “A day that could mark a turning point in XRP’s history.” He speculated further that if a resolution is reached it may trigger the next move in XRP, the launch of an XRP exchange-traded fund (ETF).
ProShares submitted an XRP exchange-traded fund (ETF) to the SEC in April, adding its name to a long list of asset management companies, such as Bitwise, Grayscale CoinShares 21Shares WisdomTree Franklin Templeton and others. Teucrium, Competition for regulatory approval.
If a settlement was reached, this would end the regulatory grey area for XRP, validating its position as a conforming digital asset. “Such a settlement would be a strong signal that $XRP is no longer in regulatory limbo,” Squire Added “That kind of clarity could unleash a new wave of institutional interest and capital.”
According to SquireThe 21st of April could be a crucial date for XRP. He believes the collaboration between Ripple, SWIFT and other companies could officially be announced at that time. It would represent a significant step for XRP’s international expansion after its acquisition of Hidden Road.
Paul Atkins’ appointment as incoming SEC Chairman, an advocate of cryptocurrency who also happens to be the CEO of Patomak Global Partners is fueling the enthusiasm. It is believed that his leadership will be crypto-friendly compared to Gary Genslers and may encourage the SEC drop its case against Ripple.
The market’s performance has been affected by the anticipation of a positive outcome. Data from Whale AlertsRecently, the Ripple Whale transferred 131 million in an XRP transaction between two wallets. XRP trades above $2 today, and its volume of trading is up by 6.57%. 4.63% The price has dropped over the past day. Option trading has also seen a rise, as options volumes have risen by 84.73%, to $1.01K, and open interest by 13.5%, to $549.87K.
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Source: www.crypto-news-flash.com
