{"id":7851,"date":"2024-09-18T18:43:08","date_gmt":"2024-09-18T18:43:08","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7851"},"modified":"2024-09-18T18:43:08","modified_gmt":"2024-09-18T18:43:08","slug":"ripple-v-sec-lawsuit-recap-september-18th","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7851","title":{"rendered":"Ripple v. SEC Lawsuit Recap September 18th"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple\u2019s legal battle with the SEC nears a potential conclusion after Judge Torres ordered the company to pay a reduced $125 million fine.
\nThe firm recently requested a stay on the payment, sparking speculation about a possible SEC appeal before the October 6 deadline. Experts suggest this move could buy time for further legal maneuvers.<\/p>\n

<\/a><\/span><\/h2>\n

The Calm Before the Storm?<\/h2>\n

The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has been ongoing for almost four years and remains one of the hottest topics in the cryptocurrency space. <\/span>Recall that the<\/span> regulator sued the company in December 2020, accusing it of raising more than $1.3 billion in an unregistered securities offering by selling its native token, XRP.<\/span><\/p>\n

The end of the battle seems <\/span>inevitable<\/span>, considering the <\/span>major<\/span> development witnessed last month. Back then, Judge Torres ruled that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, she <\/span>ordered<\/span><\/a> Ripple to pay $125 million for violating <\/span>certain<\/span> securities laws.\u00a0<\/span><\/p>\n

While the sum\u2019s size may sound substantial, it <\/span>actually<\/span> represents a 94% discount on what the SEC initially <\/span>asked for<\/span>.<\/span> As such, numerous industry participants (including Ripple\u2019s CEO Brad Garlinghouse) viewed the court\u2019s decision as a <\/span>major<\/span> victory.<\/span><\/p>\n

The <\/span>exec<\/span> said the firm <\/span>will<\/span> respect the ruling, while CLO Stuart Alderoty <\/span>assured<\/span><\/a> the penalty <\/span>will<\/span> be paid in cash off the company\u2019s balance sheet.<\/span>\u00a0<\/span><\/p>\n

The SEC, on the other hand, has remained silent on its next move. <\/span>Considering its initial request<\/span>, though<\/span>, market observers believe the agency is more likely to appeal Judge Torres\u2019 decision.<\/span> The deadline for such a development is <\/span>October 6<\/span>.<\/span><\/p>\n

The Latest Filing<\/span><\/h2>\n

Multiple analysts and members of the XRP community <\/span>speculated<\/span><\/a> that Ripple is about to pay the multi-million fine during the first week of September.\u00a0<\/span><\/p>\n

Contrary to <\/span>the overall<\/span> expectations, the firm <\/span>filed<\/span><\/a> a new motion requesting a stay on the monetary portion of the Court\u2019s Judgment entered last month. Its lawyers revealed that the Commission agreed with the proposed terms and <\/span>delay of<\/span> the payment.<\/span><\/p>\n

The movement caused heated discussions in the space, with some experts interpreting it as a precursor of a potential appeal. The American attorney Fred Rispoli was among those sharing the thesis, <\/span>saying<\/span><\/a>:<\/span><\/p>\n

\u201cGoing through all this effort\u00a0with\u00a0establishing a trust for the funds boosts chances of an appeal\u00a0IMO.\u00a0But ultimately, this is just the safest\u00a0play for SEC to buy time until the\u00a0Oct. 7 deadline to appeal.\u201d<\/p>\n

The post Ripple v. SEC Lawsuit Recap September 18th<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple\u2019s legal battle with the SEC nears a potential conclusion after Judge Torres ordered the company to pay a reduced $125 million fine. The firm recently requested a stay on the payment, sparking speculation about a possible SEC appeal before the October 6 deadline. Experts suggest this move could buy time for further legal […]<\/p>\n","protected":false},"author":0,"featured_media":7852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7851"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7851"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7852"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}