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Ripple, the company behind XRP, is gearing up for a major event in New York City on September 29, 2023, known as the Ripple Proper Party. This celebration follows a significant legal win against the U.S. Securities and Exchange Commission (SEC). The lawsuit had put XRP’s classification as a security in question, causing uncertainty in the crypto market. While the party is in the news for numerous reasons, let’s see what it means for XRP.
Who’s ready for “The Proper Party”?
— Ripple (@Ripple) September 1, 2023
Registration is now open for the Ripple-hosted community celebration on Sept 29 in NYC – Reserve your spot here: https://t.co/RkkYXI2eEj pic.twitter.com/de7CWP7aBd
As the party date approaches, two big rumors have surfaced. One is about Ripple going public with an Initial Public Offering (IPO), and the other is a potential settlement with the SEC.
What does both mean for Ripple?
At this juncture, an IPO would be a game-changer for Ripple, allowing it to raise significant capital and gain more mainstream acceptance. This could boost Ripple’s overall value. On the other hand, resolving the SEC lawsuit could remove uncertainty surrounding XRP, possibly leading to its price going up. But what is the best possible way if Ripple decides to settle looking at the complexities connected with the Coinbase case?
Is Ripple vs. SEC Settlement On Horizon?
It is worth noting that, there’s also a connection between the ongoing SEC case against Coinbase, a major U.S. crypto exchange, and Ripple’s situation. The SEC sued Coinbase, accusing it of acting as an unregistered broker, exchange, and clearing agency. This raised many questions about why the SEC went after Coinbase after approving its IPO. Depending on how the Coinbase case ends, Ripple might use it as a precedent to seek approval for its own IPO.
The only way @Ripple and the @SECGov settle before the end of the year is if Judge Failla grants the @coinbase MTD (or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws but allows the staking component… https://t.co/0KzGT1l0OI
— John E Deaton (@JohnEDeaton1) September 2, 2023
Clearing the air, John Deaton, an attorney representing XRP holders, shared his perspective. Even though he has zero insider information, he thinks that the only way Ripple and the SEC could settle before year-end is if Judge Failla overseeing the Coinbase vs. SEC case makes a significant ruling, like dismissing part of the SEC’s case.
Deaton also discussed a possible Ripple IPO, but he’s cautious because the SEC is actively seeking a permanent injunction against Ripple, its CEO, and its Chairman of the Board, especially regarding future institutional sales of XRP.
As we approach the Ripple Proper Party, excitement is building in the crypto community. While these rumors are unconfirmed, the event could reshape Ripple’s future and XRP’s market performance. It’s a big deal in the crypto world, and many are watching closely to see what will happen on September 29.