Ripple Reaches Settlement with GCC Exchange
Ripple has reached a settlement with GCC Exchange, according to an interview with Yash Rajesh, the Director of GCC Exchange. The settlement was made on confidential terms without any admission of liability from either party. This resolves the lawsuit that Ripple had filed against GCC Exchange for failing to pay for over 40,000 XRP transfers worth $15 million. The case was scheduled to be heard in the High Court of Justice in England.
SEC Responds to Ripple’s Opposition
The SEC has responded to Ripple’s opposition to the motion to compel in a letter addressed to Judge Sarah Netburn. The SEC argued that its requests are procedurally proper and not untimely, contrary to Ripple’s claims. It also clarified that both parties had agreed that permissible discovery could cover post-complaint matters. The SEC emphasized that it had been seeking documents related to Ripple’s post-complaint XRP sales since May 2021.
The SEC countered Ripple’s argument about its financial condition by citing a previous case where a defendant’s wealth was considered when determining penalties for deterrence. The SEC stated that it is primarily concerned with deterrence and not pursuing another full-blown litigation. It will not ask for a further ruling on Ripple’s post-complaint institutional sales but will focus on preventing new violations by examining the terms of these sales contracts.
Hot Take: Ripple Settles One Legal Battle as SEC Case Intensifies
Ripple has resolved its legal dispute with GCC Exchange through a confidential settlement, alleviating one legal concern. However, its case against the Securities and Exchange Commission (SEC) has intensified with the SEC countering Ripple’s arguments in court. The settlement with GCC Exchange signifies a resolution without admission of liability, allowing both parties to move forward.
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