As a researcher with extensive experience in the digital asset industry, I find myself closely monitoring the ongoing legal battle between Ripple and the SEC. The recent request by Ripple to stay the $125 million settlement payment suggests that this saga is far from over. While the initial judgment on August 7 was seen as a victory for Ripple, the SEC’s possible intention to appeal indicates that they may not be ready to throw in the towel just yet.
As a crypto investor, I’m interpreting Ripple‘s court filing on September 4 as a sign that the Securities and Exchange Commission (SEC) may not be wrapping up their case against the company just yet.
The agreement between Ripple and the Securities and Exchange Commission (SEC) postpones a $125 million payment that the SEC was supposed to make, suggesting that they might file an appeal in the future. Back in 2020 when the financial regulator initially brought the case, it went to trial on August 7, with the U.S District Court for the Southern District of New York ruling that Ripple should receive a $125 million payment instead.
Although the SEC might be considering a pause in their legal battle, there’s a possibility they could continue the fight. Both parties have 60 days from the verdict to appeal the case, and a court filing on September 4 suggests an appeal may occur. Ripple has asked Judge Torress of the District Court for a stay, and in the filing, they stated that the SEC consents to this request and agrees with the terms of the proposed order that Ripple is also submitting.
125 million dollars allocated for Ripple is due by September 6th, and they’ve asked the court to address their request for a stay prior to this date. Ripple has informed the judge that they will deposit 111% of these funds in a bank account for a duration of 30 days (the length of the requested stay). They won’t have any control over these funds during this period, and interest will accumulate favorably towards the SEC. The funds will remain in the account until Ripple and the SEC come to an agreement on their release.
Ripple Considered the $125 Million Payment a Victory
It’s not surprising that the SEC is contesting the verdict, given its earlier demand of $2 billion. Even with the $125 million penalties, Ripple and many in the crypto community have welcomed the judgment. Upon the decision, Ripple’s founder, Brad Garlinghouse, expressed his joy on X, saying, “This is a win for Ripple, the industry, and the rule of law. The SEC’s opposition to the entire XRP community has essentially been eliminated.
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2024-09-07 01:07