mportant Ripple v SEC Lawsuit Development Incoming?
“If I were advising the SEC, I would recommend that they do not appeal,” Ripple’s CLO stated.
TL;DR
1) Ripple was fined $125 million by the SEC, significantly less than the initial $2 billion demand.
2) The company sees this as a victory, confident even if the regulator appeals.
What Could be Next?
The legal battle between Ripple and the US Securities and Exchange Commission (SEC), which dates back to late 2020, recently witnessed a major development.
This happened at the start of August, when Judge Torres ruled that the company must pay a $125 million fine for violating certain securities laws. The sum represents a 94% deduction from the $2 billion that the regulator initially demanded.
While some interpreted the decision as a major win for Ripple and the end of the case, others reminded the SEC of its right to appeal.
Is Ripple Satisfied With the Court’s Decision?
Alderoty further stated that the company will respect the magistrates’ ruling and will pay the $125 million penalty in cash off its balance sheet.
Previously, an announcement from Ripple’s CEO Brad Garlinghouse also hinted that Ripple will not appeal the fine. The executive claimed that the court recognized that the SEC “overplayed their hand,” promising to abide by the rules.
“This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone,” he added.
https://cryptopotato.com/important-ripple-v-sec-lawsuit-development-incoming/