Ripple and SEC urge Judge Torres to approve settlement, ending XRP case

Ripple has recently urged Judge Analisa Torres to consider the proposed settlement and bring an end to the ongoing XRP case. The legal team representing Ripple in the lawsuit with the U.S. Securities and Exchange Commission (SEC) has made a formal request to Judge Torres to recognize the settlement agreement put forth by both parties.

The case revolves around allegations from the SEC that Ripple conducted an unregistered securities offering through its sale of XRP tokens. Ripple has vehemently denied these claims, arguing that XRP is not a security but rather a digital currency used in cross-border payments and remittances.

After a prolonged legal battle that has spanned several months, both Ripple and the SEC had reached a tentative settlement agreement. The terms of the settlement, which were not disclosed, aim to bring closure to the legal dispute and allow Ripple to focus on its core business operations without the looming threat of regulatory action.

By urging Judge Torres to acknowledge the settlement, Ripple is hoping to bring a swift resolution to the case and move forward with its plans for growth and innovation in the financial technology sector. The company has expressed its desire to put the legal challenges behind it and focus on building out its network and expanding its services to customers around the world.

Despite the legal uncertainties surrounding the case, Ripple remains confident in its position and continues to garner support from its community of users and partners. The company’s CEO, Brad Garlinghouse, has been vocal in his defense of Ripple’s business practices and has maintained that XRP should not be classified as a security under U.S. law.

In a statement released by Ripple, the company emphasized its commitment to transparency and compliance with regulatory guidelines. Ripple has stated that it is fully cooperating with the SEC in the hopes of reaching a fair and reasonable resolution to the legal proceedings.

As the case continues to unfold, all eyes are on Judge Analisa Torres and her decision regarding the proposed settlement. Many within the cryptocurrency community are eagerly awaiting a resolution to the case, as it could have significant implications for the future regulation of digital assets in the United States.

Ultimately, Ripple’s legal team’s formal petition to Judge Torres represents a significant step towards bringing an end to the XRP case and allowing the company to move forward with its business objectives. The outcome of the case will likely shape the future trajectory of Ripple and could have far-reaching consequences for the broader cryptocurrency industry.