EddieJayonCrypto
25 Mar 25
Stuart Alderoty, chief legal officer at Ripple, announced the end of the company's legal battle with the U.S. Securities and Exchange Commission (SEC) after over four years. The SEC will retain $50 million of the $125 million fine imposed last August, and will seek to lift the injunction preventing ...
Ripple's chief legal officer, Stuart Alderoty, has announced the end of the company's legal battle with the U.S. Securities and Exchange Commission (SEC) after over four years. The SEC will retain $50 million of the $125 million fine imposed last August and will seek to lift the injunction preventing Ripple from selling XRP tokens to institutional investors. The agreement is pending an internal SEC vote, but it is expected to be approved due to the agency's favorable stance on cryptocurrencies. The XRP price rose by 1.25% following the announcement.
Stuart Alderoty, the chief legal officer at Ripple, has revealed that the SEC will keep only $50 million of the $125 million fine initially imposed on the company last August by Judge Analisa Torres as part of the court's final judgment. The SEC will also ask the court to drop the injunction issued by Judge Torres that has barred Ripple from selling XRP tokens to institutional investors. The agency has yet to hold an internal vote to finalize the agreement. However, it is extremely likely to be approved given the agency's pro-crypto U-turn. The XRP price added a minuscule 1.25% following Alderoty's announcement, which indicates that market participants have already moved on.
As reported by U.Today, the SEC dropped its appeal against Ripple last week, causing a short-lived XRP rally. However, there was still some uncertainty surrounding Ripple's cross-appeal. Ripple CEO Brad Garlinghouse indicated that the company was weighing its options, claiming that the company was "in the driver's seat."