As multiple sources confirm, Ripple’s case with the SEC may reach a conclusion soon. Ripple has also announced that it has become a payment provider in the UAE.
Reporters suggest that Ripple’s investigation is due to be concluded, but Ripple’s legal team is negotiating on a better deal and outcome.
The news comes as the global payments provider gained an industry-first regulatory payments license in Dubai, allowing for greater expansion in the region.
XRP v SEC: A matter of principles and $125M fine
Sources have concluded that Ripple’s investigation with the SEC is due to wrap up and that the only thing keeping a dismissal back is Ripple’s legal team hoping for a better resolution.
Eleanor Terrett of FOX Business stated that unnamed sources have claimed that Ripple’s legal team wants a better deal and are delaying the SEC’s dismissal. The negotiations are due to a New York court ruling by Judge Torres that left Ripple with a $125 million fine.
For Ripple, accepting the deal and paying the fine would mean Ripple was in the wrong despite the SEC being ready to dismiss their investigations. Removing the fine and reversing the ruling has been a priority.
Attorney James Murphy has also shared similar thoughts about Ripple’s delayed dismissal with many reporters criticizing the decision of Judge Torres. Such rulings, if not reversed, would make it harder for Ripple to make leaps into traditional finance with a potential IPO.
Responding to Terrett’s sources, many believe Ripple is more than capable of paying the fine without an issue, the main reasons behind it lie in the Judge’s ruling and how the injunction will make it hard for Ripple to issue XRP to institutions in the future due to regulatory compliance issues.
The SEC dismisses crypto investigations
Over the past two months, the SEC has been quick on dismissing crypto investigations. Multiple crypto companies such as Robinhood, Coinbase, Tron (TRX) and Consensys have received official dismissals from the SEC.
Hester Pierce of the Crypto Task Force has said she believes the cryptocurrency industry should be deregulated in a way where firms can experiment.
Recently, the SEC’s acting chairman Mark Uyeda has called for a controversial proposal that would label crypto protocols as ATSs to be revoked, believing it is a misjudgment.
Ripple gains regulatory license in Dubai
Meanwhile in Dubai, Ripple has gained a new regulatory license from the Dubai Financial Services Authority (DFSA) to offer regulated crypto payment services.
Ripple payments will be eligible in the Dubai International Financial Centre (DIFC), a key financial hub within Dubai. The license will also allow businesses in the United Arab Emirates to utilize the Ripple network for financial solutions.
From Ripple CEO Brad Garlinghouse:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.
Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
