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SEC MOVES TO END RIPPLE CASE AS COMMISSIONER REBELS: $75M RETURNS TO XRP GIANT
The SEC Ripple lawsuit has just reached a pivotal turning point as the Securities and Exchange Commission recently filed a motion seeking court approval for a settlement with Ripple Labs. Under the proposed deal that’s currently being reviewed, Ripple would recover $75 million of the $125 million that was held in escrow, while the SEC would receive the remaining $50 million.
Ripple’s $75M SEC Settlement: What It Means for XRP and Crypto Regulation
The SEC Ripple lawsuit settlement marks what appears to be the potential end to a legal battle that first began back in December 2020. As per the May 8 court filings, both parties have agreed to withdraw their appeals, virtually ending one of the most important and keenly followed cases in crypto regulation news.
Commissioner’s Opposition Reveals SEC Division
Not everyone at the SEC supports the resolution. Commissioner Caroline A. Crenshaw issued a public dissent:
“This settlement is a tremendous disservice to the investing public.”
Crenshaw warned that the SEC Ripple lawsuit settlement could weaken the agency’s enforcement power and negatively impact future XRP price prediction analyses in unexpected ways.
XRP’s Market Struggle During Litigation
The XRP lawsuit impact was immediate and significant when the case began. According to the crypto analyst behind the account All Things XRP:
“It didn’t just slow XRP down — it stole years of growth.”
While Bitcoin and Ethereum surged during the 2021–2023 bull market, XRP stagnated between approximately $0.30–$0.50, missing out on substantial gains and altering many XRP price predictions at the time.
Settlement Terms and Future Implications
The SEC Ripple lawsuit resolution preserves Judge Torres’ 2023 ruling that only institutional XRP sales violated securities laws. This legal distinction remains critical for ongoing crypto regulation news and Ripple’s future operations.
If the $125 million penalty clears the court in the next few days:
- $75 million would be returned to Ripple
- $50 million would remain with the SEC
This result may provide badly needed regulatory clarity and underscore the lasting effects of prolonged litigation on XRP price forecasts and broader digital asset regulation.
@ Newshounds News™
Source: Watcher Guru
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US TREASURY SECRETARY BESSENT LAMBASTS SENATE FOR BLOCKING STABLECOIN BILL, CALLS IT ‘MISSED OPPORTUNITY’ FOR AMERICAN LEADERSHIP
▪️ U.S. senators voted Thursday to halt progress on a stablecoin regulation bill amid escalating tensions over President Donald Trump’s crypto involvement.
▪️ Treasury Secretary Scott Bessent said American leadership is needed for stablecoins and other digital assets to thrive globally, lambasting the Senate’s “missed opportunity.”
U.S. Treasury Secretary Scott Bessent lambasted the Senate’s decision on Thursday to halt the progress of the GENIUS Act amid rising tensions over President Trump’s increasing crypto involvement and concerns about specific aspects of the proposed stablecoin bill.
“For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent posted on X. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.”
Secretary Bessent described the bill as a “once-in-a-generation opportunity” to expand dollar dominance and boost U.S. influence in financial innovation. He argued that without such legislation, stablecoins will remain governed by a fragmented set of state rules rather than a unified federal approach that better supports growth and global competitiveness.
“The world is watching while American lawmakers twiddle their thumbs,” Bessent said. “Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.”
A not-so-brilliant delay for the GENIUS Act
The Senate Banking Committee earlier voted to advance the GENIUS Act in March. The bill requires:
- 100% reserve backing with U.S. dollars and similarly liquid assets
- Annual audits
- Prohibits foreign issuance in the country
The Senate voted 49-48 against the bill in its current form on Thursday, with Sens. Josh Hawley (R-Mo.) and Rand Paul (R-Ky.) joining Democrats in opposing the procedural vote.
While the GENIUS Act bill resulted from bipartisan negotiations, Democrats recently raised concerns about unfinished bill text, foreign issuer oversight, and anti-money laundering provisions.
Senator Mark Warner (D-Va.) said he couldn’t support legislation that wasn’t yet finalized. Senate Majority Leader John Thune (R-S.D.), despite also voting no, said he did so to allow the bill to be reconsidered later, criticizing the Democrats amid multiple revised versions:
“I just have to say, frankly, I just don’t get it,” Thune said. “I don’t know what more they want.”
Tensions deepened as Trump’s personal and financial ties to crypto — including memecoin launches, $1.5 million-per-plate crypto fundraisers, and backing DeFi project World Liberty Financial — sparked accusations of conflict of interest ahead of the vote.
Some Democrats, including Rep. Maxine Waters (D-Calif.), also boycotted a crypto-focused House hearing this week, citing the president’s direct crypto holdings and influence over agencies. The House Financial Services Committee also recently voted to advance a similar bill, the STABLE Act, with anti-money laundering and reserve requirements.
@ Newshounds News™
Source: The Block
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