New York, Thursday, September 05, 2024- Ripple has requested a delay in the payment of a $125 million fine, which was due on September 6, with SEC agreeing to the proposed terms.
The request, filed recently, could indicate a potential appeal or settlement, reports said.
In August, Judge Torres ordered Ripple to pay the fine for violating SEC Regulations, a significant reduction from the SEC’s initial $2 billion demand.
Ripple executives, including CEO Brian Garlinghouse and CLO Stuart Alderoty, had pledged to comply and pay the fine in cash.
Ripple’s recent motion seeks to delay the fine payment, initially due on September 6.
The company however has proposed transferring approximately $138 million to a legal team’s bank account as a security deposit. This amount, exceeding the fine by 11%, will remain in the account until 30 days after the appeal deadline.
Both Ripple and the SEC have until early October to challenge the ruling.
However, last week the SEC hinted at appealing the Court ruling.
