Ripple’s CLO Drops Final Update on XRP vs SEC Case Ever: ‘That’s all folks!’

Huge news about Ripple vs SEC case dropped today as the XRP price remained mostly flat in the $2.40 – $2.45 range.

Ripple has agreed to pay a reduced fine of $50 million out of the original $125 million penalty imposed by Judge Analisa Torres last year. The remaining $75 million will be refunded to Ripple from the escrow account.

The End of a Long Legal Journey

Stuart Alderoty, Ripple’s Chief Legal Officer, has shared what he believes will be the final update in the company’s legal battle with the Securities and Exchange Commission. The news comes after years of intense legal proceedings that have kept the cryptocurrency community on edge.

The two parties have reached a mutual agreement to end their legal disputes. The SEC will drop its appeal without any conditions, and Ripple has agreed to withdraw its cross-appeal. This means both sides are essentially calling a truce in their long-running conflict.

Under the terms of the settlement, the SEC will keep $50 million of the original $125 million fine. This money is already held in an interest-bearing escrow account. The remaining $75 million will be returned to Ripple. Additionally, the SEC will ask the court to lift the standard injunction it previously imposed on the company.

What This Means for Ripple and the Crypto Industry

The resolution is not yet final. It still requires approval from the SEC Commission, drafting of final legal documents, and standard court processes. However, the agreement represents a huge turning point for Ripple, which has been fighting the SEC’s allegations since 2020.

This case has been more than just a legal battle for Ripple. It was a crucial fight about how cryptocurrency should be classified and regulated. The mutual agreement suggests a potential path forward for crypto companies navigating complex regulatory environments.

For now, Alderoty seems relieved. His final tweet about the case – “That’s all folks!” – captures the sense of closure after years of legal challenges.

Read also: Expert Predicts XRP Lawsuit Wrap-Up: Here’s When the SEC Will Announce Dropping Its Appeal

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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