• Ripple faces a $125 million court penalty, significantly reduced from the SEC’s initial $2 billion proposal.

  • Vitalik Buterin criticized Ripple’s defense, questioning its claims against Bitcoin and Ethereum’s regulatory status.

  • XRP trades at $0.597292, with key support levels at $0.59 and $0.60 as Ripple’s legal battle continues.

Back in December 2020, Ethereum co-founder Vitalik Buterin took a jab at Ripple’s legal defense. He singled out their claim that XRP shouldn’t be considered a security for “public policy reasons,” specifically because Bitcoin and Ethereum were supposedly “Chinese-controlled.”

Looks like the Ripple/XRP team is sinking to new levels of strangeness. They're claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin and Ethereum are "Chinese-controlled". 😂😂https://t.co/ts02JqrTrB pic.twitter.com/mKwEzGIetk

— vitalik.eth (@VitalikButerin) December 22, 2020

This was part of a larger back-and-forth. Ripple CEO Brad Garlinghouse had criticized the SEC for being out of sync with other G20 nations and the broader U.S. government for allegedly favoring Bitcoin and Ethereum, arguing it unfairly benefited China.

Fast forward to August 7, 2023. A U.S. court held Ripple liable for over $125 million in penalties, ordering them to pay the SEC within 30 days. This decision came after both Ripple and the SEC filed competing motions; a significant reduction from the SEC’s initial pursuit of $2 billion in fines.

Despite the substantial penalty, Ripple’s CEO, Brad Garlinghouse, described the ruling as a “victory for Ripple, the industry, and the rule of law.” He emphasized that the court’s decision to lower the SEC’s proposed penalty was a positive outcome. Additionally, Ripple’s Chief Legal Officer, Stuart Alderoty, stated that the company would “respect the $125 million fine” imposed by the court.

The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.This is a victory for Ripple, the industry and the rule of law. The SEC’s…

— Brad Garlinghouse (@bgarlinghouse) August 7, 2024

XRP’s price has reacted to the ongoing legal developments. As of the latest data, XRP is trading at $0.597292, down 1.88% in the last 24 hours, with a 24-hour trading volume of $1,119,444,948. XRP’s market cap stands at $33,515,917,774, with a circulating supply of 56,113,081,096 XRP coins.

Moreover, the XRP chart shows potential support levels around $0.59 and $0.60. These levels have served as important support areas in the past, suggesting they could act as near-term price stabilizers.

Source: TradingView

Bitcoin and Ethereum have also experienced slight declines. Bitcoin is currently priced at $59,388.25, down 1.95% in the last 24 hours, while Ethereum is trading at $2,578.69, down 2.60% during the same period.

Ripple’s legal battles continue to reverberate throughout the crypto market. The outcome could shape the regulatory landscape for other cryptocurrencies. It is a far cry from the days when XRP’s defense hinged on claims about Bitcoin and Ethereum’s ties to China. In 2024, XRP is charting its own course, with its legal wins and challenges directly impacting its price and market perception.

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