The post Ripple CLO: Here’s When Ripple Will Pay $125 Million Fine To SEC appeared first on Coinpedia Fintech News
Ripple’s long legal fight with the U.S. Securities and Exchange Commission (SEC) is over, with the court ordering Ripple to pay a $125 million fine. This is a big win for Ripple and an important moment for cryptocurrency. Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, said in a recent interview that the company will pay the fine within….
Ripple Will Pay $125 Mln
On 8th August, Judge Torres issued a pivotal ruling in Ripple’s XRP case against the SEC. While the judge agreed that Ripple’s institutional sales of XRP, dating back to 2015, violated securities laws, but it also rejected the SEC’s demand for a $2 billion penalty.
Instead, Ripple will pay a $125 million fine. Although the ruling also points out that XRP itself does not qualify as a security, a crucial clarification for the broader crypto market.
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
Meanwhile, in a recent interview with CNBC, Ripple’s Chief Legal Officer, Stuart Alderoty, announced that the company will pay a $125 million fine within 30 days. This fine is part of the resolution of Ripple’s legal battle with the U.S. SEC.
Alderoty further stated that “I think [the SEC] lost on everything that was important to them,” highlighting Ripple’s significant victory in the case.
Ripple’s Legal Victory
Ripple’s legal team, led by Alderoty, expressed satisfaction with the court’s decision. Alderoty highlighted that the ruling confirms XRP’s status as not being a security, similar to how gold is not a security.
A final judgment. The Court rejects the SEC’s suggestion that Ripple acted recklessly and she reminds the SEC that this case did not involve any allegations of fraud or intentional wrongdoing, and no one suffered any financial harm. She rejects the SEC’s absurd demand for $2B in… https://t.co/RbwpBnoXJG
— Stuart Alderoty (@s_alderoty) August 7, 2024
This outcome provides legal clarity that Ripple hopes will positively impact the cryptocurrency sector. Alderoty also noted that the SEC’s attempt to classify XRP as a security was rejected, offering relief to Ripple and the broader industry.
Ripple Next Move: XRP ETF
With the fine to be paid within 30 days, Ripple is prepared to move forward and focus on expanding its business. Recently Coinpedia news reported that Kashif Raza, founder of Bitinning, suggested that major institutions might soon file for an XRP ETF, as there are no ongoing legal issues regarding XRP’s status.
Meanwhile, Ripple now aims to use this legal clarity to expand both in the U.S. and globally.
