NEW YORK, Monday, September 02, 2024- The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) may be nearing its conclusion, according to reports.
Although, Ripple had agreed to pay the $ 125 mn imposed by the court, there is no definite timeline is given, while SEC is also repeatedly hinting at appealing against the ruling.
Reports said that Ripple was ready to close the chapter while some other reports suggested that Ripple already had paid the amount.
Following a recent court ruling that ordered Ripple to pay a $125 million fine, significantly less than the SEC’s initial demand of USD 2 billion, speculation has intensified that a settlement between the two parties is imminent.
The XRP community has been buzzing with rumors of a potential settlement, with some suggesting that Ripple has already paid the fine. However, neither Ripple nor the SEC has confirmed these claims. While paying the fine could be part of a settlement agreement, it does not guarantee a complete resolution to the dispute.
The SEC still has the option to appeal the court’s ruling until early October. If the regulator chooses to appeal, the legal battle could continue.
In December 2020, the SEC filed a lawsuit against Ripple, accusing the company of raising over $1.3 billion through an unregistered sale of XRP.
Last month, Judge Torres ruled that Ripple pay $125 million in fines for violating securities laws.
This penalty is considerably lower than the $2 billion initially sought by the SEC.
Many industry experts have interpreted the reduced fine as a significant win for Ripple.
Despite the positive developments for Ripple, the price of XRP, its native token, has remained under pressure. The broader cryptocurrency market has also been experiencing declines, with Bitcoin and Ethereum falling below key resistance levels.
The outcome of the Ripple v. SEC case has significant implications for the cryptocurrency industry. A favorable ruling could provide clarity on the regulatory status of other digital assets and potentially boost investor confidence.
