After months of speculation and legal decline, Ripple and US Securities and ExchandE Commission (SEC) officially settled her case. While the Ripple people had hinted a few weeks ago that a deal had been made, many in the encryption community were waiting for a written confirmation of SEC itself. This confirmation has now arrived.
The Supreme Education Council has publicly announced that it had reached a settlement agreement with Ripple to resolve civil enforcement procedures. The agreement also covers Ripple executives, although this part has already been settled earlier. The most important XRP holders is the deal that involves Ripple and its XRP code.
According to the terms of the settlement, Ripple will pay $ 50 million from an original penalty worth $ 125 million. The remaining amount will be returned to the Ripple. The two sides also agreed to drop their appeal – but only if the court agreed to raise the dysfunction that was placed on Ripple for several months.
Lawyer John Diton, who followed the case closely, was weighing the news. He said he would be “completely horrific” if Judge Angia Torres does not agree to raise the irritable matter, given the circumstances.
Clarify legal experts
Soon after the settlement details appeared, rumors began to spread online that Ripple would pay a fine of $ 50 million using XRP, and that the United States government planned to contract XRP as part of a strategic reserve. However, former SEC lawyer Mark VagI quickly rejected these allegations. He explained that the funds are already in the Ripple lawyer custody in a cash form, and as soon as the court agrees to the deal, it will be paid to SEC – not in XRP.
Lawyer Bill Morgan also intervened to address wrong reports. He explained that the original exact amount has already been placed in the account of the dollar that gets an interest, and both parties have agreed on how to distribute it according to the terms of the settlement.
