when

The legal team representing Ripple Labs in an action brought by the US Securities and Exchange Commission (SEC) has asked to hold the financial part of a ruling from August 7th, which called for the company to pay $125 million.&nbsp; 
According to a filing <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.975.0.pdf" target="_blank" rel="noreferrer noopener nofollow">report</a> made by Ripple’s attorneys on September 4, the SEC has granted a request to postpone paying the judgment until after September 6. The legal team suggested that Ripple deposit $139 million, or 111% of the judgment sum, into a bank account for 30 days. 
Initially, executives at Ripple <a href="https://x.com/bgarlinghouse/status/1821289051191963861" target="_blank" rel="noreferrer noopener nofollow">lauded</a> the Aug. 7 ruling at the time of the filing, setting the stage for a prospective SEC appeal. CEO Brad Garlinghouse hailed the ruling as a “victory for Ripple,” and Chief Legal Officer Stuart Alderoty <a href="https://x.com/s_alderoty/status/1821291351063064708" target="_blank" rel="noreferrer noopener nofollow">said</a> the company would “respect the $125 million fine. “ 
However, this penalty is pending court approval. Judge Analisa Torres, who is in charge of the SEC v. Ripple case, had not approved the request. This is because Ripple’s SEC complaint would still be pending in the event of an appeal when it was initially filed in December 2020. Per the court’s guidelines, each party has sixty days to submit an appeal. 
According to the SEC complaint, Ripple allegedly used XRP as an unregistered security to generate funds. Judge Torres declared in July 2023 that XRP tokens sold through programmatic exchanges were not securities. 
Currently, XRP is <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noreferrer noopener nofollow">trading</a> at $0.56, up about 0.15% over the previous thirty days. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/29/ripple-clo-alderoty-challenges-us-secs-regulatory-approach-on-nfts/" target="_blank" rel="noreferrer noopener">Ripple CLO Alderoty Challenges US SEC’s Regulatory Approach on NFTs</a> 
</blockquote>

$125M Penalty Paused as SEC and Ripple Signal Possible Appeal

The Crypto Times

Other articles published on Sep 5, 2024

Catizen AI (CATI) Coin Launched on OKX as It Expands Play-to-Earn Ecosystem

FTX Bankruptcy Plan Faces Scrutiny as SEC Questions Stablecoin Payments

Polygon begins migrating from MATIC to POL tokens

3 Things to Watch for Ripple (XRP) Price This Week

What Is the Recently Funded Bolt Protocol?

Elon Musk and Tesla Win Legal Battle as Dogecoin Lawsuit is Thrown Out

Join our free newsletter for daily crypto updates!