XRP Lawsuit News: The much anticipated Summary Judgment in the long running U.S. Securities and Exchange Commission (SEC) Vs Ripple Lawsuit is drawing much speculation in the industry. One of those speculations revolves around the settlement of the XRP lawsuit.
Ripple To Settle XRP Lawsuit
An Amicus Curiae in XRP Lawsuit, John Deaton shed light on the settlement scenario. He advised that if the US SEC agrees and gives in writing that ongoing and future sales of Ripple’s native crypto, XRP are not sales of Securities, while the commission also admits that the Secondary XRP market sales by individuals (including exchanges) will not be considered as securities, then the lawyers would completely guide to settle.
The Ripple and defendants would have settled earlier but they choose to take this fight to the court. XRP holders’ lawyer believes that Ripple wouldn’t settle as it is fighting for clear crypto regulations. Read More XRP News Here…
Meanwhile, in the given scenario, Ripple CEO, Brad Garlinghouse and Ripple Board must settle as they act as fiduciaries to shareholders, he advised. If Ripple didn’t settle and lose the case then it would be in litigation for a decade.
US SEC To Settle?
However, a settlement is not appealable in the court. If parties decide to settle before the ruling, it can prevent precedent from ruling. Meanwhile, parties can settle before or after the decision. The judges wouldn’t mind if it settles before her decision regardless of the timing.
Stuart Alderoty, Chief Legal Officer of Ripple earlier stated that the US SEC has lost four out of its five cases in the Supreme Court. This signals that the defendants in the XRP lawsuit are confident of a win. While they are assured that the commission will drag the case ahead.
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