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 <p class="paragraph">In a milestone legal development, Ripple, the blockchain solution provider, celebrated yet another legal triumph against the US Securities and Exchange Commission (SEC) earlier this week.&nbsp;</p>
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 <p class="paragraph">On October 23, US District Court Judge Analisa Torres issued an official order, effectively dismissing the SEC’s charges against Ripple’s top executives, Brad Garlinghouse and Christian Larsen.&nbsp;</p>
 <p class="paragraph">But while this ruling signifies a substantial victory in Ripple’s ongoing struggle against SEC allegations related to the sale of XRP (XRP) tokens, the battle is far from concluded.&nbsp;</p>
 <p class="paragraph">Notably, the SEC now seeks hundreds of millions of dollars from Ripple in a bid to <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a> the contentious XRP case.</p>
 <h2 class="wp-block-heading" id="h-what-happened-with-the-sec">What happened with the SEC?</h2>
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 <p class="paragraph">As highlighted by XRP holders’ legal representative John Deaton on October 26, it’s unlikely that there has been a “single serious conversation regarding <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a>ment” between Ripple’s executives and the SEC.</p>
 <p class="paragraph">After its charges got denied and dismissed, the securities regulator is now “pissed and embarrassed and wants $770M worth of flesh,” said Deaton.&nbsp;</p>
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    <p lang="en" dir="ltr">As I said on @CryptoLawUS TV yesterday with @attorneyjeremy1 and Thien-Vu, I do not believe there has been a single serious conversation regarding <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a>ment between @Ripple @bgarlinghouse @chrislarsensf and the @SECGov. <br><br>The SEC is pissed and embarrassed and wants $770M worth… https://t.co/kcXvsrPgaa</p>— John E Deaton (@JohnEDeaton1) October 25, 2023
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 <p class="paragraph">The attorney explained that the current “penalty phase” is like a second legal case that requires “more depositions, interrogatories, requests for production of documents, emails, bank statements, contracts, ODL transactions, etc.”</p>
 <p class="paragraph">It has been reported that the SEC wants $770 million to <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a> the XRP case, which would mark the end of the years-long <a rel="noopener noreferrer nofollow" title="lawsuit" href="https://thebittimes.com/tag/lawsuit.html">lawsuit</a>. Ripple, on the other hand, wants to “drastically reduce” that fine by attempting to exclude on-demand liquidity (ODL) transactions, cut salaries and costs, and more, said Deaton.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-final-judgment-unlikely-before-late-2024-summer">Final judgment unlikely before late 2024 summer</h2>
 <p class="paragraph">Further in the post, Deaton said he does not expect the final verdict from Judge Torres to come before late summer in 2024.&nbsp;</p>
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  <p class="paragraph">“It literally could take a full year before an appeal is filed in this case.”</p> <cite>– the lawyer pointed out. </cite>
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 <p class="paragraph">During that span, Ripple could face significant legal expenses of tens of millions of dollars in its attempts to reduce the $770 million fine.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-v-sec-agency-wants-770m-to-settle-xrp-lawsuit-tbt67952.html">https://thebittimes.com/ripple-v-sec-agency-wants-770m-to-settle-xrp-lawsuit-tbt67952.html</a></p>

Ripple v. SEC: Agency wants $770M to settle XRP lawsuit

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