• rippleXRP$1.374.96%

Ripple Settles XRP Case with SEC for $100 Million – Finance Magnates

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Ripple’s grand dreams are ending with a $100 million civil settlement with the SEC and a pledge to return the funds that US investors had put into its XRP token, Finance Magnates has learned.

A person familiar with the discussions confirmed the authenticity of the settlement agreement. He asked to remain anonymous because the plans were not meant to be public yet.

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The order, which Ripple consented to without admitting or denying the findings, also requires the firm to notify the SEC prior to issuing any ‘cryptocurrencies,’ ‘digital coins,’ or ‘digital tokens’ in the future.

The settlement, whose exact details are yet to be announced in a few days, ends a months long legal battle between Ripple and the SEC over its XRP token, which the regulator alleged was securities.

The argument from the US top watchdog was that Ripple didn’t follow the rules. Had it worked with the SEC instead of launching the XRP offering without any oversight, the outcome might have been different, sources added.

The decision comes after mounting legal ramifications coupled with the more aggressive stance taken by the US regulators, which ultimately made Ripple executives reconsider their crypto ambitions altogether.

Ripple had been fighting the suit since December, claiming its XRPs are utility tokens, outside the US authorities’ purview.

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