Ripple’s legal fight with the SEC is close to ending, but it’s not going quietly. The $125 million fine and permanent ban on institutional XRP sales are still on the table, and Ripple is pushing back.
Eleanor Terrett, a former Fox Business journalist, reported on X that “two well-placed sources” say the case is being finalized. But Ripple’s legal team is negotiating for better terms, which is why things are dragging on.
The company is refusing to accept the August ruling because doing so would mean admitting wrongdoing, and the new SEC itself seems unsure if any wrongdoing even happened.
With the agency’s new leadership clearing enforcement actions for Coinbase, Kraken, and Gemini, Ripple is questioning why it’s still the only one paying the price, said Eleanor. She added that:
“Accepting the Torres ruling as it stands would mean that Ripple is essentially agreeing to admit to wrongdoing — but now the SEC itself is seemingly unsure whether any wrongdoing occurred. There’s no real playbook for this kind of thing which could explain why this case is taking longer to resolve than the rest.”
Ripple fights back as SEC stalls on XRP ETF
While Ripple’s case nears its end, the SEC is also delaying its decision on a Grayscale XRP ETF. A notice filed on Tuesday confirmed that the agency needs “a longer period” to decide if the ETF will be approved. The initial 45-day review is almost up, but the SEC can extend its final deadline until mid-October, with the next key date being May 21.
At the same time, Franklin Templeton has now filed for an XRP ETF, adding to a list that already includes Canary Capital, WisdomTree, Bitwise, CoinShares, and 21Shares.
The push for XRP ETFs is part of a broader trend following the success of spot Bitcoin ETFs, which have now reached nearly $100 billion in assets.
With pro-crypto president Donald Trump back in office, some analysts say his policies could be incredibly good for XRP over the next four years.
Under Gary Gensler, the SEC went after Ripple aggressively, arguing that XRP sales violated securities laws, but with Gary out and new leadership in charge, the crypto industry has been getting some breathing room.
Brad Garlinghouse, the CEO of Ripple, said last year that an XRP ETF in the U.S. is “inevitable.” Brad pointed to growing demand from both institutional and retail investors. But until the SEC decides what to do with Ripple, the future remains uncertain.
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