Ripple (XRP) Q1 Report Sparks Fresh Intrigue in Ongoing SEC Lawsuit

In a recent blog post by XRP lawyer Bill Morgan, he highlighted the fact that the US Securities and Exchange Commission (SEC) has yet to confirm withdrawing its appeal in the case against Ripple. This claim was made by Ripple in its Q1 report, which has sparked fresh intrigue in the ongoing XRP lawsuit.

Morgan noted that, to his knowledge, the SEC commissioners have not yet voted on the matter. While the Court of Appeals granted a joint motion to stay the appeal, and the SEC has stated its intent to withdraw the appeal and reduce the proposed penalty, it has not yet confirmed this move officially.

However, in its Q1 report, Ripple explicitly mentioned the SEC withdrawing its appeal in the case. This is the first time the crypto firm has made this claim.

The report reads, “In Q1, the SEC notified Ripple of its intention to withdraw its appeal—a clear victory for both Ripple and the broader crypto industry...the SEC agreed to reduce the proposed penalty from $125M to $50M—and request the court vacate the injunction, pending SEC Commission approval. This outcome reaffirmed what had been clear from day one: the facts and the law were on Ripple’s side.”

Furthermore, the report predicts XRP’s potential for growth spurred by increasing interest from institutions and a positive case outcome.

This discrepancy, as highlighted by Morgan, could be significant in the context of the ongoing case and XRP’s future.

The SEC’s formal stance on the appeal withdrawal is still awaited, and any updates will be closely followed by those interested in the case and the broader cryptocurrency industry.output: A private equity firm is planning to take the beleaguered cryptocurrency exchange FTX out of bankruptcy by the end of the year, a report by The Wall Street Journal (WSJ) on Sunday said.

The report, which cited people familiar with the matter, said that the firm, founded by former hedge-fund manager and FTX creditor Marc Sumergrade, is aiming to raise a bulk of the $8 billion needed to take over FTX out of bankruptcy by the spring of next year.

The report further stated that Sumergrade’s firm, named Maple Leaf, is in talks with several investors, including members of the FTX bankruptcy chain and those interested in the cryptocurrency industry.

The bidders will present their bids for FTX by November, and a bankruptcy judge will decide which bid is best for FTX’s creditors, the report added.

The report comes after a tumultuous year for FTX, which filed for bankruptcy in November 2022 following a rapid decline in its business and a subsequent investigation by the U.S. Securities and Exchange Commission (SEC).

The crypto exchange’s founder, Sam Bankman-Fried, is currently facing criminal charges of stealing customer funds to fill a $1 billion hole in his flagship hedge fund.

Meanwhile, FTX is planning to sell units of its FTX.com domain name to raise funds to repay creditors, sources told Dow Jones on Sunday.

The report stated that FTX is planning to sell 10 units of the domain name, which could be used to launch new cryptocurrency exchanges in various countries.

The move is part of FTX's broader efforts to liquidate its assets and repay creditors after the exchange filed for bankruptcy last year.

FTX had sold the top-level FTX.com domain name for $60 million in 2021.

The report added that bidders for FTX will need to provide financing for the crypto exchange and pay a premium to the second-best bid, which will be disclosed in March.