According to Cointelegraph, Ripple Labs' legal team has requested a stay on the monetary portion of an August 7 judgment requiring the firm to pay $125 million in a case filed by the United States Securities and Exchange Commission (SEC).
In a September 4 filing in the US District Court for the Southern District of New York, Ripple’s lawyers stated that the SEC had agreed to delay the payment of the judgment beyond September 6. The legal team proposed that Ripple place 111% of the judgment amount, approximately $139 million, into a bank account until 30 days after the time to appeal expires or the resolution of any appeal.
The filing suggests that the SEC might be preparing for a potential appeal, as Ripple executives had previously celebrated the August 7 judgment. Ripple CEO Brad Garlinghouse referred to the decision as a “victory for Ripple,” and chief legal officer Stuart Alderoty indicated that the company would respect the $125 million fine.
As of now, Judge Analisa Torres, who is overseeing the SEC v. Ripple case, has not signed off on the request. An appeal would likely mean that Ripple’s case with the SEC, which was first filed in December 2020, is not yet concluded. This is a developing story, and further updates will be provided as they become available.
