As a seasoned researcher with a keen eye for the intricacies of the crypto market and a knack for deciphering legal jargon, I find myself both intrigued and amused by this latest development in the Ripple vs SEC saga. The request for a delay in paying the $125 million fine suggests that Ripple is not backing down, and neither is the SEC, with their agreement to the proposed terms hinting at a potential appeal.
TL;DR
- Ripple requested a delay in paying a $125 million fine, with the SEC agreeing to the proposed terms, leading to speculation about a possible appeal.
The legal developments have had minimal impact on XRP’s price, which keeps trading at around $0.55.
The Latest Update
The legal struggle between Ripple and the U.S. Securities and Exchange Commission (SEC) has reached a significant milestone at the beginning of August. Initially, Judge Torres ordered Ripple to pay a fine of $125 million due to violations of certain securities laws. This penalty represents only a small fraction of the SEC’s original demand for a $2 billion fine
Ripple’s top executives, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, appeared satisfied with the magistrates’ verdict. They pledged to comply with the regulations and make the required payment in cash from the company’s funds
While some users on Reddit suggested that the company might soon decide to settle with the agency for settlement as early as this week, but neither party or otherwise silent about the situation so far
More recently, Ripple’s lawyers have filed a new request for a stay on-quarterly certainty to stand by while the court’s decision is stayed. The companies lawyers stated that the Securities and Exchange Commission (SEC) agreed with the proposed terms, delaying the payment date from September 6
As a researcher, I propose the following suggestion: “I am considering the proposal made by Ripple’s legal team to transfer approximately $138 million into their account as a security measure. This fund is intended to be held in the account for 30 days following the expiration of the appeal period. Please remember that both parties have until early October to contest the ruling.”
According to the proposed plan, Kellogg Hansen, an attorney for Ripple, will keep the funds in the account. These funds can only be withdrawn if there’s a court order or if an agreement is reached between the involved parties
If the court of appeals decides to either overturn or amend the ruling, both parties will strive to negotiate in good faith regarding the handling of the Fund. Any disagreements they are unable to settle among themselves will be brought before the Court
Some people within the industry speculate that this action might signal an upcoming appeal by the SEC. One such individual, American lawyer Fred Rispoli, echoes this viewpoint
“Going through all this effort with establishing a trust for the funds boosts chances of an appeal IMO. But ultimately, this is just the safest play for SEC to buy time until the Oct. 7 deadline to appeal.”
XRP Price Outlook
In recent developments regarding the Ripple vs. SEC case, there’s been minimal impact on XRP, the digital currency issued by the company. It continues to trade within the $0.55 to $0.56 price range, a pattern that has persisted for the past two days
Over the past two weeks, I’ve found myself in a challenging position with my crypto investments. My portfolio has been in the red, shedding approximately 8.5% of its value. This downturn aligns with a broader market correction that saw Bitcoin (BTC) dip below $56,000 and Ethereum (ETH) plunge to around $2,300
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2024-09-05 10:19