Ripple and United Stats Securities and Exchantits (SEC) submitted a joint suggestion on Thursday to issue $ 125 million of funds held in the guarantee account to pay the settlement costs requested by the court.
According to letter Introduction from both parties, $ 50 million will be transferred to the Supreme Council for Civil Punishment against Ripple, with the approval of the $ 75 million court to Ripple, pending the approval of the court. Deposit lawyers wrote:
“The proposed decision of the parties will maintain the resources of the second district by avoiding the need to determine the appeal, and avoid any reserve imprisonment for more procedures in this court, and 4.5 years of hard litigation comes to some extent.”
A Ripple lawsuit is a historical issue of encryption regulations in the United States, and it will formally end a symbolic victory for the industry that has already won its largest battle for legal legitimacy in the United States.
Related to: Extension codes in secondary sales are not securities, as he told Ripple SEC
SEC and Ripple Wind Download after the reign of 2024
In July 2023, Judge Angisa Torres has eliminated that the secondary sales of the XRP code (XRP) is not a securities, as Ripple and Crypto Vinctor are given a partial but large victory.
However, the judge also spent that the sale of XRP to investors during financing rounds constitutes sales of securities due to how to provide distinctive symbols as compensation for investment in the Business Corporation.
Ripple was ordered to pay $ 125 million to SEC according to the subsequent judgment by Judge Torres in August 2024.
https://www.youtube.com/watch?
Not satisfied with the result of the case, SEC submitted an appeal in October 2024 – almost a month before the US presidential election in 2024.
Brad Garlinghyus, CEO of Ripple, announced that the Supreme Education Council had dropped the call, in a post on March 19, accompanied by a video statement from the CEO celebrating the result as a “end” of the fait accompli.
Shortly after the announcement, Ripple agreed to drop its appellant with the SEC. The encryption company also obtained a recovery from a lower court, which allowed it to retain $ 75 million from a penalty of $ 125 million stipulated in the August 2024 ruling.
magazine: It leaves Win XRP Ripple and the industry with no legal coding group
Related Articles
