Get the Latest Update on Ripple vs. SEC Legal Battle 🚀
Discover the recent developments in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) and how it could impact the future of XRP.
Legal Milestone Reached in Ripple vs. SEC Case
The legal battle between Ripple and the US Securities and Exchange Commission (SEC) reached a critical point in August when Judge Torres mandated the company to pay a $125 million fine for breaching certain securities laws. This fine was significantly lower than the SEC’s initial demand of $2 billion.
- Ripple executives, including CEO Brian Garlinghouse and CLO Stuart Alderoty, expressed satisfaction with the court’s decision and committed to complying with the ruling by paying the fine from the company’s balance sheet.
- Despite speculation among XRP users that Ripple might reach a settlement with the SEC soon, both parties have remained silent on the matter.
Ripple Requests Delay in Payment
Ripple’s legal team recently filed a motion seeking a suspension of the monetary aspect of the court’s judgment, which required the company to pay the fine by September 6. The SEC has reportedly agreed to the delay, allowing Ripple to hold off on payment for the time being.
- Ripple is proposing to transfer 111% of the fine amount (approximately $138 million) to its legal team’s bank account as security, pending further legal proceedings and the appeal deadline in early October.
- Ripple’s attorney, Kellogg Hansen, will oversee the fund and ensure it remains secure until any disputes are resolved through legal channels.
Possible Appeal on the Horizon?
Industry observers speculate that the SEC’s agreement to delay payment could indicate a potential appeal in the works. Legal experts, including American attorney Fred Rispoli, believe that establishing a trust for the funds could be a strategic move by the SEC to buy time until the appeal deadline in October.
“Going through all this effort with establishing a trust for the funds boosts chances of an appeal, but ultimately, this is just the safest play for SEC to buy time until the Oct. 7 deadline to appeal.”
XRP Price Stability Amid Legal Turmoil
The recent legal developments surrounding Ripple have had minimal impact on XRP’s price, which has remained relatively stable around $0.55-$0.56. Despite this stability, XRP has seen an 8.5% decline in value over the past two weeks, in line with a broader market correction affecting other cryptocurrencies like Bitcoin and Ethereum.
Hot Take: Stay Informed on Ripple’s Legal Battle 🌟
Keep an eye on the evolving legal situation between Ripple and the SEC as it could have lasting implications for the future of XRP and the cryptocurrency market as a whole. Stay informed and stay ahead in the ever-changing world of crypto.
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