Million

Fine

<div class="intro-text"> 
 Ripple’s CEO, Brad Garlinghouse, has described the verdict in the legal battle between his company and the U.S. Securities and Exchange Commission (SEC) as a win for both the company and the U.S. crypto industry. 
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<blockquote>
 “This is a victory for Ripple, the industry, and the rule of law,”
</blockquote> 
Garlinghouse wrote in a<a style="color: #0000ff;" href="https://x.com/bgarlinghouse/status/1821289051191963861?t=q3cfy7biUgAWXp_nSwBNuQ&amp;s=19"> recent social media post</a>. 
Earlier this week, a U.S. judge<a style="color: #0000ff;" href="https://www.courtlistener.com/docket/19857399/974/securities-and-exchange-commission-v-ripple-labs-inc/"> ordered</a> Ripple Labs to pay a $125 million fine for violating U.S. securities laws with over 1,000 sales of its XRP token. 
While a hefty sum, this penalty is being hailed as a significant victory for the company and the broader cryptocurrency industry. Garlinghouse expressed joy at the court’s decision, highlighting that it was a recognition that the U.S. Securities and Exchange Commission (SEC) had “overplayed their hand.” 
The court substantially slashed the SEC’s<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/u-s-sec-files-final-reply-in-ongoing-ripple-lawsuit/"> initial demand</a>—over $2 billion—by about 94%.<a href="https://defi-planet.com/2024/04/ripple-contests-u-s-secs-proposed-2-billion-penalty-in-ongoing-lawsuit/"> Ripple had countered the demand</a> with a proposal of $10 million, claiming its alleged violations did not warrant such the amount the regulator demanded. 
Garlinghouse expressed respect for the court’s decision, noting that Ripple now has the clarity needed to continue growing its business. 
<blockquote>
 “The SEC’s headwinds against the whole of the XRP community are gone,”
</blockquote> 
he asserted, suggesting that the company and its supporters can now move forward without the weight of the lawsuit hanging over them. 
Despite ongoing legal battles, Ripple has been actively broadening its operations. Recently, the firm<a href="https://defi-planet.com/2024/08/ripple-partners-with-openeden-to-offer-tokenized-us-treasury-bills-on-xrpl/"> disclosed</a> a partnership with OpenEden to introduce tokenized U.S. Treasury bills on the XRP Ledger (XRPL). The company also committed to investing $10 million in OpenEden’s TBILL tokens. It stated that the partnership is part of its moves to solidify its blockchain network’s position as a leader in RWA tokenization. 
Meanwhile,<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/ripple-partners-with-archax-to-boost-xrp-ledgers-dominance-in-rwa-tokenization/"> Ripple had earlier partnered with Archax</a>, a UK-regulated crypto exchange, to enhance XRPL’s supremacy in RWA tokenization. This alliance is expected to introduce hundreds of millions of dollars in real-world assets onto the XRPL in the upcoming year, bolstering Ripple’s position as a critical player in the evolving cryptocurrency landscape. 
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The post <a href="https://defi-planet.com/2024/08/ripple-vs-u-s-sec-lawsuit-ceo-says-125-million-fine-is-victory-for-company-and-u-s-crypto-sector/">Ripple vs. U.S. SEC Lawsuit: CEO Says $125 Million Fine Is “Victory” For Company and U.S. Crypto Sector</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Ripple vs. U.S. SEC Lawsuit: CEO Says $125 Million Fine Is “Victory” For Company and U.S. Crypto Sector

DeFi Planet

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