Impact

Gary

Million

<ul>
 <li><strong>Ripple’s ongoing legal battle with the SEC sees a significant reduction in penalties.</strong></li>
 <li><strong>The SEC’s original demand of $2 billion has been lowered to $102 million.</strong></li>
</ul>
<p>Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has highlighted a significant shift in the <a href="https://www.crypto-news-flash.com/ripple-news-despite-ongoing-fight-in-xrp-lawsuit-with-sec-ripple-labs-expands-odl-customer-network-is-xrp-price-set-to-skyrocket-to-2/" rel="noopener noreferrer nofollow">ongoing lawsuit</a> between Ripple Labs and the US Securities and Exchange Commission (SEC). The SEC has dropped its initial $2 billion demand to $102 million. Alderoty criticized the SEC for its excessive fines and emphasized that Judge Torres had ruled <a href="https://www.crypto-news-flash.com/xrp-enthusiast-makes-statement-at-trump-rally-xrp-is-not-a-security/" rel="noopener noreferrer nofollow">XRP is not a security</a>.</p>
<p>As discussed in the CNF YouTube video, Alderoty pointed out that there are no victims needing compensation and noted Ripple’s continued success despite the legal challenges. This update provides some relief as the final decision on the remedy payment is awaited, with a potential settlement now in the $100 million range.</p>
<p><iframe title="Gary Gensler and SEC Relent: Ripple Now Faces Reduced $102 Million Penalty in XRP Case" width="788" height="443" src="https://www.youtube.com/embed/JLsH-lYUeFE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>
<h2 id="ripple-s-legal-stance">Ripple’s Legal Stance</h2>
<p>In his tweet, Stuart Alderoty, Chief Legal Officer of Ripple, boldly expressed his opinion, stating,</p>
<blockquote>
 <p>The SEC is raging. Ripple defended itself – agreeing to nothing.</p>
</blockquote>
<p>He highlighted that the court clarified XRP is not a security, and there are no victims to compensate. Despite the legal battle, Ripple continues to thrive. The SEC’s initial demand for $2 billion has now been abandoned.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The <a href="https://twitter.com/SEC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SEC</a> is raging. Ripple defended itself – “agreeing to nothing.” The court gave clarity that XRP is not a security. There are no “victims” to compensate. And worst of all for the <a href="https://twitter.com/SEC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SEC</a>, Ripple is thriving. But at least <a href="https://twitter.com/SEC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SEC</a> seems to have abandoned its absurd demand for $2B. <a href="https://t.co/KVSkB9OqlH" rel="noopener noreferrer nofollow">https://t.co/KVSkB9OqlH</a></p>
 <p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1802093640082133027?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="the-impact-of-the-settlement-announcement">The Impact of the Settlement Announcement</h2>
<p>According to circulated news, the heated dispute culminated in a <a href="https://www.crypto-news-flash.com/did-ripple-cto-david-schwartz-just-confirm-an-ipo-and-settlement-announcement-at-the-victory-party-in-new-york-is-xrp-price-poised-for-a-massive-upswing/" rel="noopener noreferrer nofollow">settlement announcement</a> between the SEC and bankrupt Terraform Labs, agreeing on a $4.47 billion settlement. However, current analysis shows that Terraform Labs might be unable to pay this amount. The regulator posited that the firm has not agreed to any penalty.</p>
<p>The SEC maintains that Ripple deserves to pay at least $102.6 million, beyond the $10 million it is arguing for. Based on this, Ripple’s CLO expressed relief, adding that the SEC seems to have abandoned its absurd demand for $2 billion.</p>
<h2 id="xrp-s-market-reaction">XRP’s Market Reaction</h2>
<p>Following CNF’s recent update on the SEC vs. Ripple case, <a href="https://www.crypto-news-flash.com/sec-vs-ripple-xrp-price-reaction-and-settlement-outlook/" rel="noopener noreferrer nofollow">XRP’s gains were the highest among the top 100 coins</a>, four times higher than those of second-placed TRON, which rose by 1.56%. At the time of writing, this positive growth continues with Ripple (XRP) trading at <strong>$0.4982</strong>, an increase of <span style="color: #008000;"><strong>0.12%</strong></span> in the past day and <span style="color: #008000;"><strong>2.51%</strong></span> in the past week. See the overall XRP price chart below for an overview.</p>
<p><span data-sheets-root="1" data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}"></span></p>
<div class="cryptoboxes" id="mcw-345586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="xrp" data-symbol="XRP" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>

Gary Gensler and SEC Relent: Ripple Faces Reduced $102 Million Penalty in XRP Case

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