- Ripple’s ongoing battle with SEC results in a substantial reduction of fines.
- SEC reduced the original request of $2 billion to only $102 million.
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 criticised the SEC’s excessive fines, and highlighted that Judge Torres ruled. XRP is not a security.
Alderoty stated in the CNF Youtube video that Ripple has continued to be successful despite its legal difficulties. It is good to know that the decision regarding the payment of the remedy has not yet been made. However, a possible settlement could be in the 100 million dollar range.
Ripple’s Legal Stance
Stuart Alderoty’s tweet expressed the opinion of Ripple Chief Legal Officer Stuart Alderoty. He stated:
SEC’s fury is rising. Ripple defended itself – agreeing to nothing.
He emphasized that the court has clarified XRP as not a financial instrument and no compensation is needed. Ripple has continued to grow despite its legal fight. SEC’s original demand of $2 billion is now abandoned.
It is important to note that the word “you” means “you”. @SEC It is an uproar. Ripple defended itself – “agreeing to nothing.” It was made clear by the court that XRP does not qualify as a security. There aren’t any “victims” To compensate. The worst is yet to come @SECRipple’s popularity is growing. It’s not all bad. @SEC The absurd request for $2B has now been dropped. https://t.co/KVSkB9OqlH
— Stuart Alderoty (@s_alderoty) June 15, 2024
What is the impact of this settlement announcement?
The heated argument culminated, according to the news that circulated, in an a settlement announcement A $4.47 Billion settlement was reached between Terraform Labs and the SEC. Terraform Labs may not be able to afford this amount, according to the current analysis. According to the regulator, Terraform Labs hasn’t agreed to pay any penalties.
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 of 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%. This positive trend continues at the moment of this writing with Ripple trading for $0.4982Increase in 0.12% In the last day 2.51% The price of XRP has increased in the last seven days. The chart below gives you an overview of the XRP market.
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Source: www.crypto-news-flash.com
