Outside Source
TL;DR
- Ripple was ordered to pay a $125 million fine, much less than the SEC’s initial $2 billion demand, marking a significant victory for the company.
- The watchdog might appeal the decision within 60 days, but Ripple is likely to comply with the ruling.
Was This the End?
The legal battle between Ripple and the US Securities and Exchange Commission (SEC), which dates back to December 2020, reached a major milestone on August 7. As CryptoPotato reported, Judge Analisa Torres ruled that the company must pay a $125 million fine, just 6% of the whopping $2 billion the regulator initially sought.
“The SEC’s request for a civil monetary penalty is GRANTED in part, and the Court will impose a penalty of $125,035,150. The SEC’s motion for remedies and the entry of final judgment is GRANTED IN PART and DENIED IN PART.
The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150,” the official document reads.
The decision became one of the hottest topics in the crypto space, with many industry participants describing it as a huge win for Ripple that marked the official end of the case.
However, the lawsuit might drag on a bit longer due to potential appeals from both sides. The American attorney Fred Rispoli (who previously predicted that a settlement might be announced on July 31) said the deadline to file an appeal is 60 days.
Jeremy Hogan – another US lawyer who has been deeply involved with the specifics of the case over the past few years – claimed a Supreme Court decision remains a possible step, meaning the official end could still be pending. This is the highest court in the United States, where rulings are final and appeals are not an option.
Who is More Likely to Make a Plea?
It is safe to assume that Ripple will abide by the court’s rules and not appeal, considering the announcement from the company’s CEO, Brad Garlinghouse. He noted that the magistrates deducted the SEC’s initial demand by approximately 94%, labeling the development as “a victory” for his entity.
“We respect the Court’s decision and have clarity to continue growing our company,” he further stated.
The SEC seems like the entity more inclined to appeal. However, numerous X users noted that such a move would not be wise due to the upcoming presidential elections in the States.
“If the SEC would decide to appeal the Ripple case they would have to appeal right before the US presidential election, which would be the worst timing possible for the SEC and Gensler,” one person claimed.
It is worth mentioning that the potential victory of Donald Trump in the elections can be interpreted as bad news for the regulator’s Chairman – Gary Gensler. After all, the Republican candidate promised to remove Gensler from his post immediately after stepping into the White House as a winner.
The crypto podcaster Tonny Edwards chipped in, too, arguing that the SEC’s Chairman has “lost the narrative” in the legal battle and now feels “political pressure.” As such, an appeal does not seem like a plausible option.
XRP Price Outlook
Multiple analysts have predicted over the past several months that a ground-breaking ruling on the Ripple v SEC front could result in enhanced volatility and a price rally for XRP.
The asset’s valuation is up around 20% on a 24-hour scale, currently worth around $0.62 (per CoinGecko’s data).
It will be interesting to see whether XRP will keep the momentum in the following days and pump even higher. Those willing to explore some interesting forecasts can find more information here.
This article first appeared at CryptoPotato
