Rumors of an imminent truce in the long-standing legal battle between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) have gained traction following reports that Ripple's CEO Brad Garlinghouse and CLO Stuart Alderoty were spotted in New York ahead of a scheduled "Settlement Conference." This development marks a potential turning point in the contentious XRP lawsuit, sparking speculation about a possible settlement.

XRP Lawsuit Update: Ripple Executives Spotted in New York for Settlement Talks

BobaFete, an XRP community member, claims to have seen Garlinghouse and Alderoty in front of the federal courthouse in New York earlier today, as per Coingape. BobaFete speculated that the executives may have arrived at the premises to discuss the XRP lawsuit settlement with the US securities agency.

While several entities, including John Deaton's CryptoLaw, are attempting to confirm the accuracy of this information, FOX Business reporter Eleanor Terrett confirmed that Court Listener had previously stated a "Settlement Conference" scheduled for March 29. This explanation implies that Garlinghouse and Alderoty may have been in New York for the conference.

Terrett also posted a screenshot of a document from when the court denied the SEC's motion for an interlocutory appeal against Ripple. This document clearly states that the next hearing for Ripple vs. SEC will be held on April 16, 2024, when both parties will appear for a final pretrial conference. However, there was time for another meeting before the final pretrial conference, though no date was set.

According to the document dated October 3, 2023, counsel for both parties and the parties themselves were scheduled to meet for at least an hour before the final pretrial conference to discuss the settlement of the three-year-old XRP lawsuit.

Despite the fact that all of this information suggests that Ripple's CEO and CLO were in New York for the settlement talks, no official comments have been made about the meeting.

SEC Seeks $2 Billion Penalty in XRP Case, Ripple CLO Criticizes Agency's Approach

Meanwhile, the SEC has been attempting to persuade Judge Analisa Torres to render her final decision on the XRP lawsuit. As part of this judgment, the agency requests that the court impose nearly $2 billion in penalties on the cryptocurrency payment platform for violations of securities laws. This excludes permanent injunctions, disgorgement, and prejudgment interest.

Alderoty has slammed the SEC's $2 billion fine in the XRP lawsuit, which has yet to be closed. He cited some inconsistencies in the US Securities and Exchange Commission as a regulator that "trades in statements that are false, mischaracterized, and designed to mislead."

With Alderoty promising to file a response for Ripple in April, this potential meeting adds to the uncertainty surrounding the XRP lawsuit.

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