As a seasoned crypto investor with over a decade of experience under my belt, I must say that the recent court ruling in the SEC v Ripple case has been quite the rollercoaster ride. The $125 million penalty is indeed a hefty sum, but considering the stakes involved and the potential outcome, it seems like a fair compromise for both parties.
In a court decision, Ripple Labs has been instructed to pay a fine of $125 million as part of a civil settlement following a legal action initiated by the Securities and Exchange Commission (SEC).
In the role of an analyst, on August 7th, I witnessed Judge Analisa Torres of the U.S. District Court for the Southern District of New York deliver a decision, effectively bringing to a close a legal dispute that originated back in December 2020.
The SEC vs Ripple case has come to an end, marking quite the adventure – appreciate you being part of it with me.
— Jeremy Hogan (@attorneyjeremy1) August 7, 2024
According to the SEC’s argument, Ripple breached securities regulations by marketing and selling XRP tokens without first registering them as securities. Differing penalty proposals from both parties have resulted in the court’s current ruling on the matter.
In the dispute between Ripple and the SEC, Ripple proposed a fine of ten million dollars, but the SEC asked for two billion dollars. Nevertheless, Judge Torres’ decision mandates that Ripple pays $125 million within a month.
The recent judgment is based on a landmark decision made by Judge Torres in July 2023, which classified XRP as not being a security during automated sales on cryptocurrency exchanges. This prior decision played a crucial role in shaping the more recent one.
Despite finding numerous violations of federal securities rules by Ripple, the court acknowledged there were no charges of fraudulent or dishonest behavior. Moreover, the Securities and Exchange Commission (SEC) has been unable to prove that Ripple’s unregistered sales led to substantial investor losses.
With Ripple, you can either process electronic payments or issue certified checks. The Securities and Exchange Commission (SEC) will safeguard these funds, including any accrued interest. They will only release the funds after obtaining a court’s permission to do so.
After the announcement of the settlement, the value of XRP surged by 22%, reaching $0.6238. This rise followed a one-month low for the token at $0.4315. The price hike occurred subsequently.
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2024-08-08 01:56