- Ripple’s ongoing battle with SEC results in a substantial reduction of fines.
- SEC has reduced its original $2 billion demand to just $102 millions.
Stuart Alderoty (CLO) of Ripple, the Chief Legal Officer has pointed out a major shift. ongoing lawsuit Ripple and US Securities and Exchange Commission. SEC dropped initial demand of $2 billion to $102million. Alderoty has criticized SEC’s fines as excessive and stressed that Judge Torres’ ruling was decisive. XRP is not a security.
Alderoty stated in the CNF Youtube video that Ripple has continued to be successful despite its legal difficulties. The update is welcome as we await the final payment decision. A potential settlement in the range of $100 million has been suggested.
Ripple’s Legal Stance
Stuart Alderoty (Cliical Officer at Ripple) expressed in a tweet his opinions, saying:
The SEC has a rage. Ripple defended itself – agreeing to nothing.
The court ruled that XRP was not a securities and therefore there were no victims for compensation. Ripple has continued to grow despite its legal fight. SEC’s original demand of $2 billion is now abandoned.
You can also find out more about the following: @SEC The rage is on. Ripple defended itself – “agreeing to nothing.” It was made clear by the court that XRP does not qualify as a security. There is no “victims” It is important to make up for the loss. It is the worst for you. @SECRipple has a thriving market. At least, Ripple is thriving. @SEC It seems that the absurd $2B demand has been abandoned. https://t.co/KVSkB9OqlH
— Stuart Alderoty (@s_alderoty) June 15, 2024
What is the impact of this settlement announcement?
According to news reports, the hotly contested dispute ended in a settlement announcement The SEC reached a settlement of $4.47 billion with Terraform Labs. Terraform Labs may not be able to afford this amount, according to the current analysis. The regulator stated that Terraform had not accepted any fine.
According to the SEC, Ripple should pay $10 million plus $102,6 million. Ripple’s CLO has expressed relief at this news, and noted that the SEC appears to have dropped their absurd $2 billion demand.
Market Reaction to XRP
CNF recently updated its report on the SEC vs. Ripple lawsuit. XRP’s gains were the highest among the top 100 coinsThe gains of TRON (second place) were only 1.56%. As of the writing date, Ripple’s (XRP), trading price is at $0.4982An increase in 0.12% In the last day 2.51% In the last week. The chart below gives you an overview of the XRP market.
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Source: www.crypto-news-flash.com