The over four-year-long legal battle between blockchain company Ripple Labs and the Securities and Exchange Commission could conclude soon, a Fox Business journalist reported Wednesday.
What Happened: Eleanor Trett posted on X that the high-profile case was in the process of “wrapping up” and could be over soon, citing “well-placed” sources.
Trett said that Ripple’s legal team was negotiating favorable terms regarding the August district court ruling that imposed a $125 million fine on the company and an injunction against future securities law violations.
A Ripple Labs spokesperson declined to share any update on the lawsuit to Benzinga.
In a landmark ruling, District Judge Analisa Torres of the Southern District of New York ruled that the company violated federal securities laws through its direct sale of XRP to institutional clients, although the sale of XRP to individual investors didn’t violate any laws.
The firm was one of the biggest donors to Fairshake, a super political action committee dedicated to supporting and electing cryptocurrency-friendly lawmakers to Congress last year.
Price Action: At the time of writing, XRP was exchanging hands at $2.24, up 1.71% in the last 24 hours, according to data from Benzinga Pro.
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