Ripple Labs has officially settled its long-running legal battle with the Securities and Exchange Commission (SEC), and it’s a bigger deal than you might think.
Ripple Paid Up – In Cash
Former SEC official Marc Fagel spilled the beans on X (formerly Twitter), confirming that Ripple already paid the $125 million settlement to the SEC. This clears up rumors that Ripple would pay in XRP cryptocurrency. Nope, it was cold, hard cash.
Putting Rumors to Rest
There was speculation that the US government was selling its Bitcoin to facilitate a payment in XRP, which would then be added to reserves. Fagel shot this down, stating that the court order for Ripple to pay was already fulfilled with the money placed in escrow while appeals were pending. Once both parties drop their appeals (which looks imminent), the money goes to the SEC. And the SEC, Fagel stressed, would never accept payment in XRP.
The Endgame is Near
Ripple has already announced it’s dropping its appeal. The SEC is expected to follow suit. Once the SEC commissioners vote to drop their appeal, both sides will file to dismiss the case, officially ending the lawsuit.
When Will the SEC Officially Drop It?
While it usually takes the SEC one to two months to vote on these things, it’s hard to say for sure. Some cases get expedited, and given the settlement agreement and the judge’s previous rulings, this could be one of them. The SEC seems eager to wrap this up.
XRP Price Soars
At the time of writing, XRP is trading around $3.6, a jump of over 17% in the last 24 hours. This price surge likely reflects the positive news surrounding the lawsuit’s resolution.