Bitrabo Editorial
The US Securities and Exchange Commission (SEC) has decided not to appeal the recent ruling by Judge Torres in the legal dispute with Ripple. The case concluded with Ripple facing a reduced civil penalty compared to the SEC’s original demand.
Judge Torres issued a $125 million civil penalty for securities violations regarding sales to institutions, along with no disgorgement, a significant deviation from the SEC’s initial claim of around $2 billion. An injunction was also imposed to prevent future violations of the Securities Act.
SEC Statement on Ripple Ruling
While Ripple’s executives celebrated the ruling as a win, the SEC remained silent initially. However, after reaching out to the agency, FOX Business journalist Eleanor Terrett obtained a statement indicating significant implications for Ripple.
The SEC mentioned that the court granted its motion for remedies, including an injunction against further securities law violations by Ripple and substantial civil penalties exceeding 12 times what Ripple suggested. The SEC emphasized Ripple’s tendency to push legal boundaries and the severity of its violations.
No Intention to Appeal
Both Ripple and the SEC view the outcome favorably. Ripple is pleased with the reduced fines, while the SEC sees support for its interpretation of securities laws and the penalties imposed. Speculation suggests that an appeal of the recent ruling is unlikely from either side.
Ripple’s CEO and CLO expressed satisfaction with the ruling, highlighting the victory for Ripple and the industry. The absence of fraud allegations and the court’s rejection of excessive financial demands were also emphasized.
Currently, XRP is trading at $0.6046.