Ripple v. SEC Settlement Rumors: Lawyer Advises to Remain Cautious

3 months ago 29

The case between Ripple and the United States Securities and Exchange Commission is supposed to enter trial on April 23rd, 2024.

As CryptoPotato recently reported, the Commission achieved a small victory last week, as the court ordered Ripple Labs to reveal financial statements regarding the years 2022 and 2023. The company had previously contested this request.

Regardless, the rumors of a potential settlement have been running rampant in the crypto community, with many speculating on the potential impacts. One expert who discarded the possibility back in June last year was Marc Fagel – a former Director of the SEC’s San Francisco Office. Back then, he said:

My only point of reference is the recent unsealing order; that suggested to me that the Court had already determined what the ruling would be. […] I think the fact that she’s (judge Torres) unsealing materails that, if relevant at all, will only come out at trial rather than on SJ (i.e.the speech materials) suggests that at least some of this is headed for trial; beyond that is speculation.

Months later, industry participants continue to discuss the potential implications of a settlement, but Jesse Hynes – a lawyer and former CLO of Gala Games, said:

Any rumors about a Ripple & SEC settlement are just nonsense if and until a settlement happens. This isn’t just something that leaks and when settlement talks leak, it’s often in some form of power play move for leverage. Don’t trust the nonsense.

Any rumors about a Ripple & SEC settlement are just nonsense if and until a settlement happens. This isn’t something that leaks and when settlement talks leak it’s often in some form of power play move for leverage. Don’t trust the nonsense

— Jesse Hynes (@jesse_hynes) February 12, 2024