Now the right amount is stored on an escrow account, and the remaining $ 75 million must be returned to Ripple. According to the lawyer, the agreement with the SEC will be the end of the legal dispute, which began in December 2020. The regulator then accused the company of conducting an unregistered ICO and violation of securities laws.
The case was at the stage of appeal after the summer of 2023, the judge of Analysa Torres decided that sales of the XRP coin manufactured by the company’s coin on exchanges do not violate the laws on securities. However, the XRP, sold directly to investors, are considered investment contracts. Torres applied a fine on Ripple. Last week, the SEC revoked an appeal to a court decision in the Ripple case without any conditions.
Lawyer James Murphy, supporting the XRP, suggested that the SEC could stop the trial if Ripple had immediately paid a fine of $ 125 million. However, Ripple did not want to concessions to officials, doubting the SEC cryptocurrency regulation policy.
Earlier, Ripple said that if the new leadership of the department is reviewing the actions of the previous leadership in relation to cryptocurrencies, then the imposed fines should also be changed.
The news of a reduction in the fine for Ripple practically did not affect the XRP course. During the day, the coin grew by only 0.35%, to $ 2.47. The XRP market capitalization is now $ 142.27 billion.
The Ripple case is developing according to the forecast made in January by the senior correspondent of Fox Business Charles Gasparino (Charles Gasparino). He suggested that after the coming to power Donald Trump, SEC would not appeal the court decision.
Source: Bits
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