<h2>Settlement Ends Long-Running Case</h2>
Ripple, the blockchain-based payments firm, can breathe a sigh of relief as it settles a protracted legal battle with GCC Exchange, a global money transfer service provider. In an interview, Yash Rajesh, Director of GCC Exchange, confirmed the resolution, emphasizing a "confidential <a href="https://www.dropbox.com/scl/fi/1l5fvym40feuy3b3axtys/SEC-Replyto-Ripple-Opposition-to-Motion-to-Compel.pdf?rlkey=4wwr6n8i26nraams4ug3egocd&amp;dl=0" target="_blank" rel="noopener">settlement</a> with no admission of liability." The agreement implies that both parties opted for a settlement without acknowledging any wrongdoing.
<h2>Background of the Case</h2>
The dispute arose when GCC Exchange accused Ripple of non-payment for over 40,000 XRP transfers, totaling more than $15 million. The case was slated for the High Court of Justice in England before the recent settlement.
<h2>SEC's Ongoing Legal Saga with Ripple</h2>
While one legal challenge resolves, <a href="https://www.cryptoknowmics.com/news/ripple-cto-unveils-twitter-ban-policy-for-off-topic-threads/" target="_blank" rel="noopener">Ripple</a> faces an escalating battle with the U.S. Securities and Exchange Commission (SEC). In response to Ripple's opposition to the motion to compel, the SEC submitted a letter to Judge Sarah Netburn. The regulator contends that its requests align with procedural norms and timing, refuting Ripple's claims of untimeliness.
<h2>SEC Emphasizes Deterrence Measures</h2>
The SEC, primarily focused on deterrence, aims to prevent new violations by Ripple. Contrary to Ripple's assertions, the SEC clarified that it does not seek further rulings on Ripple's post-complaint institutional sales from Judge Analisa Torres. Instead, the SEC prioritizes examining the terms of post-complaint institutional sales contracts, considering them "plainly relevant" to assessing the likelihood of repetition.
<h2>False Claims and Document Requests</h2>
The Commission refutes Ripple's assertions that it agreed to the irrelevance of post-complaint matters. In its filing, the SEC highlights its pursuit of contracts, emails, and other documents related to Ripple's post-complaint XRP sales since May 2021.

This settlement provides a respite for Ripple in one legal front, while its confrontation with the SEC continues to evolve, with the regulator emphasizing measures to ensure compliance and deter potential violations.

Ripple Resolves Legal Dispute with GCC Exchange Amid SEC Intensification

Ripple settles a long-standing legal dispute with GCC Exchange amidst an escalating legal battle with the SEC. The settlement brings relief.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Ripple Resolves Legal Dispute with GCC Exchange Amid SEC Intensification

Top Picks