As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the latest developments in the ongoing battle between Ripple Labs and the US Securities and Exchange Commission (SEC). The recent request for a stay on the payment of the $125 million penalty is just another twist in this complex saga.
In response to the lawsuit filed against them by the U.S. Securities and Exchange Commission (SEC), Ripple Labs’ legal team has requested a stay on the financial aspect of a decision made on August 7th, which required the company to pay a sum of $125 million
Based on a filing submitted by Ripple’s lawyers on September 4, the SEC has allowed a delay in fulfilling the judgment until after September 6. The legal team proposed that Ripple should place $139 million, which is approximately 111% of the total judgment amount, into a bank account for a period of 30 days
At first, Ripple’s executives were pleased with the August 7th verdict when it was announced during the filing, hinting at a potential SEC appeal in the future. Brad Garlinghouse, CEO of Ripple, called it a “win for Ripple,” while Chief Legal Officer Stuart Alderoty stated that the company would comply with the $125 million fine imposed
The proposed penalty for Ripple hasn’t been finalized yet as Judge Analisa Torres, overseeing the SEC v. Ripple case, has not given her approval. This is due to the fact that when the complaint was initially filed in December 2020, Ripple’s dispute with the SEC was still pending and could continue if an appeal were filed within the court-stipulated timeframe of sixty days for each party to do so
As stated in the SEC lawsuit, it is alleged that Ripple utilized XRP as a means of raising funds without registering it as a security. However, Judge Torres ruled in July 2023 that XRP tokens traded via automated platforms were not classified as securities
Currently, XRP is trading at $0.56, up about 0.15% over the previous thirty days.
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2024-09-05 04:36