On August 7, a court ordered a $125 million fine, and Ripple Labs has asked that the payment be put off. This request, which was made on September 4, calls for putting 111% of the ruling amount, or about $139 million, into a bank account until the end of the appeal time or the conclusion of any appeal.
The U.S. Securities and Exchange Commission (SEC) has agreed to this delay, which makes it look like an appeal might be coming soon. Ripple’s lawyers are getting ready for this possibility, but the judge in charge of the case hasn’t agreed to it yet.
The August 7 ruling was praised by Ripple officials. CEO Brad Garlinghouse called it a “victory,” and the company’s legal officer, Stuart Alderoty, said the company would follow the fine. The case, which began in December 2020, may still change, though, since the SEC agreed to the wait.
The SEC first said that Ripple was using XRP to raise money as an unregulated asset. In July 2023, Judge Analisa Torres said that XRP was not a guarantee when it came to platforms that used programmatic trades. It’s possible that the appeal will take longer than expected, and Ripple’s lawyers say that an appeal is likely but not certain.
At the moment, XRP is worth $0.56, which is a small rise over the last month. A lot of people are still interested in the current court fight and what it means for crypto regulation.
