Ripple to pay $50 million fine to the SEC to settle judicial case
The four-year dispute between Ripple and the SEC comes to an end after an agreement to pay a $50 million fine
The dispute between the crypto company Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has come to an end after four years, following an agreement to pay a $50 million fine.
This is a bitter court battle, in which Ripple has been accused since 2020 of conducting unregistered securities offerings through its XRP sales. The agreement sets a precedent for the industry in the country, given a regulatory landscape that is expected to become stricter.
Ripple has agreed to pay the fine, according to Stuart Alderoty, the company’s chief legal officer. The figure is much lower than the initial $125 million. According to the executive, there will be other specifications that Ripple must meet. The company will also “request the Court to lift the standard injunction previously imposed at the SEC’s request.”
The resolution announced this Tuesday was in favor of the parties, who “agreed to withdraw their respective appeals, which definitively closes the case without further legal disputes.”
M.Pino
Source: diariobitcoin
(Reference image: Bermix Studio on Unsplash)
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