They Won Their Case 🚀
Today, the Securities and Exchange Commission (SEC) issued a landmark decision in the Ripple Labs (XRP) case, ordering Ripple to pay a $125 million fine. The SEC had originally sought a $2 billion fine, but the court reduced the fine to a substantial amount. Ripple executives described the case as “a reprieve from an unfair legal process.”
The decision has had a major impact on Ripple’s business and the market for its XRP token. The price of XRP has surged 27% in the past 24 hours, driven by economic angst surrounding the case. While the decision is seen as a major victory for Ripple, the SEC is likely to appeal the decision. [6][7][8]