XRP Rises: Ripple CEO Brad Garlinghouse Announces the End of the SEC Process
It is the big piece of news that XRP investors have been eagerly waiting for since December 2020: Brad Garlinghouse, CEO of Ripple, has suddenly announced at an international fintech conference in Dubai that the SEC’s lawsuit against Ripple has finally come to an end as a settlement has been reached. As reported by insiders at the conference, Garlinghouse also presented the terms of the agreement. However, since the conference took place behind closed doors, no final confirmation can be provided for this until the official press release.
Details of the Settlement with the SEC
According to the initial reports, Ripple will pay a penalty amounting to $ 1.8 billion. The payment is said to happen in installments over a period of 6 years. In addition, Ripple is obliged to submit monthly transparency reports to the SEC, detailing XRP’s volume and activity in order to prevent any possible misconduct for the future. Based on this settlement, which also implies no admission of guilt, Ripple and its executives are relieved from any further claims by the SEC regarding the past distribution of XRP.
Measures Taken by Ripple
In connection with the closure of this marathon legal battle, Ripple is emphasizing its compliance with existing regulations. It is said that Ripple has already implemented several strategies to ensure adherence to current laws and strengthen relationships with regulatory institutions. According to sources from the conference, Garlinghouse also announced the introduction of an advisory board consisting of former regulatory officials and lawmakers to consult and guide Ripple going forward.
Impact on XRP
For XRP investors, this development means primarily legal certainty. This security was long overdue and could be the foundation for strong appreciation in value for XRP in the upcoming months. Due to potential delays, it still might take some time until an official announcement from Ripple confirms these events and the terms of the SEC settlement. The trust that XRP can establish, however, due to the lawsuit’s closure, could fundamentally boost the attractiveness and adoption of the token globally.
Leave a Reply