Ripple’s Court Case Against the SEC Continues
The legal dispute between Ripple and the US Securities and Exchange Commission (SEC) is far from over, despite a significant ruling by Judge Analisa Torres on August 7. While many thought the decision would mark the end of the case, recent developments indicate that the SEC is still considering an appeal.
Ripple’s Request to Delay the Fine Payment
Recently, Ripple submitted a request to delay the court-ordered $125 million fine imposed for violating securities laws. The fine, part of Judge Torres’ ruling, was initially due by September 6. However, Ripple’s request, which Judge Torres granted, allows the company to withhold the payment until either 30 days after the deadline for filing an appeal passes or once a decision from the Court of Appeals is made, should an appeal be filed.
This suggests that the SEC is still evaluating whether to challenge the ruling. According to legal analyst Fred Rispoli, the SEC likely agreed to the stay because forcing Ripple to pay now could backfire if the SEC loses an appeal. If Ripple pays the fine and the SEC’s appeal fails, the Commission might have to repay Ripple, along with interest.
Rispoli raised the probability of the SEC filing an appeal to 60% following Ripple’s stay request. The SEC has until October 6 to decide whether to proceed with an appeal. On the other hand, Ripple’s leadership, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, have clearly stated they do not plan to appeal, viewing the ruling as a win for their pursuit of legal clarity on XRP.
Ripple’s Efforts to Shape a Pro-Crypto Future
Ripple’s ongoing clash with the SEC has prompted the company to take an active role in pushing for a more favorable regulatory environment for the cryptocurrency industry. A recent report from Bitcoinist highlighted that Chris Larsen, Ripple’s co-founder, was among 88 business leaders who endorsed Democratic presidential candidate Kamala Harris.
Meanwhile, Stuart Alderoty has shown support for Republican candidate Donald Trump, contributing $300,000 to his campaign. Alderoty’s donation is believed to be linked to Trump’s pro-crypto stance, particularly his promise to remove SEC Chair Gary Gensler if elected. Gensler, known for his anti-crypto position, has been a central figure in the Commission’s legal action against Ripple.
Ripple’s leadership is working on multiple fronts to advocate for more crypto-friendly policies, aiming to reduce the SEC’s enforcement actions against the industry and provide clearer guidelines for the future of cryptocurrency in the US.
