- Ripple and the SEC have reached an agreement for final settlement to end the lawsuit.
- Community members expect XRP to witness significant surges in the coming days.
In the last 24 hours, the crypto regulatory sector has seen significant action. On March 25, several US states saw crypto investments and reserve bills pass through the Senate. Meanwhile, the market has witnessed a modest upsurge, with the largest cryptocurrency, Bitcoin, progressing to $87,000.
On the other hand, the infamous Ripple vs. SEC lawsuit saw a major update. The firm’s CLO, Stuart Alderoty, hopes this will be the final update as the 5-year-long lawsuit draws to an end. According to his X post, Ripple is expected to pay a $50 million penalty, which is reduced from the initial $125 million.
Furthermore, Ripple will also withdraw the latest cross-appeal in light of the aforementioned settlement. Along with that, on the regulator’s part, the SEC will ask the Court to lift the standard injunction that was imposed on Ripple.
This injunction had earlier imposed restrictions on Ripple’s particular operations and was orchestrated by the previous administration. However, the recent change in approach, diverting from ‘regulation through enforcement’ has finally drawn the lawsuit to an end.
Ripple’s (XRP) Rally & Other Lawsuit Closures Approaching?
The positive development from the prolonged Ripple Vs. SEC lawsuit had raised several questions about the sector. Firstly, community members ponder on whether XRP will stage a significant price rally. The altcoin, in the past day, has shown a modest increase of 0.97% and is trading at the $2.4 range.
After recent significant downfalls, it has managed to consolidate at this range. At the time of writing, XRP was trading at $2.44 as per CMC data. With talks of a potential ETF, the altcoin might still witness significant surges in the coming days.
Meanwhile, on the regulatory end, the SEC has been dropping several lawsuits over the past few weeks. At the beginning of March, the US regulatory body dropped its lawsuit against Cumberland DRW, a Chicago-based trading platform.
Furthermore, the SEC also dropped its lawsuit against Coinbase last month. These movements suggest the already occurring shift in the crypto regulatory landscape.
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