- Ripple wins a major court victory, with XRP officially declared a non-security, ending a years-long battle with the SEC.
- Ripple will pay a reduced SEC fine of $125 million within 30 days, affirming XRP’s non-security status.
In a remarkable move, as we previously reported, Ripple has won a key victory over the SEC, with the court officially declaring XRP a non-security. This verdict signals the end of a years-long legal dispute, providing relief to the crypto sector as a whole.
The verdict not only confirms XRP’s legality, but it also establishes an important precedent for other cryptocurrencies facing similar regulatory difficulties.
Ripple to Pay $125 Million Fine Within 30 Days After Court’s Ruling
The court’s decision also addressed the SEC’s substantial penalties for Ripple’s alleged violation of federal securities laws through institutional XRP sales. The initial penalty of $2 billion was significantly reduced to $125 million.
BREAKING:
RIPPLE LEAD LAWYER STATES RIPPLE WILL PAY THE $125M FINE WITHIN 30 DAYS!
“I Think (The SEC) Lost On Everything That Was Important To Them.” – @s_alderoty
RIPPLE & $XRP PROVIDED A MASSIVE VICTORY FOR THE ENTIRE CRYPTO INDUSTRY!
Comment Below & Follow For… pic.twitter.com/jd9lkWNfbN
— Good Morning Crypto (@AbsGMCrypto) August 9, 2024
In a recent interview with CNBC, Ripple’s Chief Legal Officer, Stuart Alderoty, indicated that the company plans to pay the lower fee within 30 days. He expressed delight with the court’s decision, stating that it reinforces XRP’s status as a non-security, similar to commodities like gold.
This judicial triumph is regarded as a watershed moment for the broader crypto industry. It might pave the way for more specific regulatory criteria on whether digital assets constitute securities. The explanation is likely to eliminate some of the industry’s long-standing doubts, promoting additional innovation and acceptance.
However, the war may not be over. According to CNF, pro-XRP attorney MetaLawMan said in a podcast with Scott Melker that the SEC will certainly appeal the latest verdict.
If the SEC files an appeal, Ripple is expected to respond with a counter-appeal, claiming that the court’s decision on institutional sales and On-Demand Liquidity (ODL) transactions was defective.
Meanwhile, XRP is currently trading around $0.5862, down 4.94% over the last 24 hours. In addition, the token’s daily trading volume has dropped by 51.48%, to $2.683 billion.
