<p>Ripple Labs has sought a 120-day stay on the $125 million penalty ordered by the U.S. Securities and Exchange Commission (SEC) from the U.S. District Court. This is part of the long-standing litigation between the SEC and Ripple, in which Ripple was accused of selling XRP tokens illegally.</p><h2 id="header-0">Ripple’s Letter to Court</h2><p>According to a crypto analyst post on their X profile, Ripple will place the $125 million in escrow. The legal team of Ripple submitted the letter for a temporary stay with the Court on Wednesday. It proposes to place about 111% of the fine, approximately $139 million, in a bank account. The funds would remain there until a month (30 days) after the appeal window closes or until the resolution of any appeal.</p><p></p><h2 id="header-1">Penalty slashed from $2B to $125M</h2><p>Ripple was alleged to have conducted unregistered securities sales through its XRP token. The company described this judgment as a partial victory, as the SEC’s original demands sought much higher penalties. Initially, the <a href="https://cryptotale.org/us-sec-may-appeal-ripples-court-ruling-experts-weigh-in/" rel="noopener noreferrer nofollow">SEC</a> sought $2 billion as a penalty fine; however, the Court slashed the penalty to $125 million. Currently, Ripple is in the process of enhancing its legal actions to handle further cases.</p><p>Related: <a href="https://cryptotale.org/a-comprehensive-review-of-ripple-and-xrp/" rel="noopener noreferrer nofollow">https://cryptotale.org/a-comprehensive-review-of-ripple-and-xrp/</a></p><h2 id="header-2">SEC Approves Ripple’s Plea</h2><p>The SEC has approved Ripple&#39;s request for a temporary stay on the Court order fine. However, the decision is still pending in Court. Judge Analisa Torres, who presided over the earlier stages of the lawsuit, has yet to approve Ripple’s request.</p><p><a href="https://cryptotale.org/xrp-lawsuit-ripple-requests-stay-on-order-sec-approves/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a></p><p><strong>Visit the links for more information </strong><a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|</p>

XRP Lawsuit: Ripple Requests Stay on Order; SEC Approves

Table of Contents

CryptoTale

Other articles published on Sep 5, 2024

Bitcoin DeFi Projects Could Overtake Ethereum

Binance Executives' Money Laundering Trial Advanced to September 2 in Nigeria Amid Controversy

Rocko, A New Marketplace for Crypto-Backed Loans, is Officially Live

Ebi.xyz to Launch “FUD Market” - First Short-Only Perpetuals on Memes Coins (5 Sep)

Justin Sun’s SunPump to Initiate "100% On-chain Buyback and Burn Process"

Cardano up by 1,000% to Bitcoin? Top Analyst Reveals 'Insanely Bullish' Pattern

Join our free newsletter for daily crypto updates!