The long-running legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has not yet been concluded despite Judge Analisa Torres The August 7 ruling appears to have brought the case to a close. The move follows a recent development that the SEC is still considering appealing the court’s decision.
Ripple asks to stay on monetary judgment
Ripple recently filed a letter requesting a stay on the court’s monetary judgment against the cryptocurrency company in favor of the Commission. In his judgment issued on August 7, Torres governed that Ripple should pay the SEC a $125 million fine for violating securities laws.
Ripple was supposed to have paid the SEC by September 6. However, the stay request, which Judge Torres grantedshowed that Ripple would no longer have to pay the $125 million to the SEC until 30 days after the deadline for an appeal without an appeal has expired or after a decision by the Court of Appeals resolving any potential call.
This suggests that the SEC, which consented to the stay request even before Judge Torres granted it, is still considering appealing the case. explain by a legal expert Fred RispoliThe Commission likely granted this request because it could pay Ripple interest on the monetary judgment if the cryptocurrency company paid now, and the SEC ended up appealing and losing the appeal.
As such, the Commission is satisfied that Ripple is holding the funds in trust while it assesses its options regarding whether to appeal Judge Torres’ decision, particularly the decision in which she stated that XRP was not a security in itself. Rispoli too increase SEC appeal of Ripple’s stay request is 60% likely.
The Commission will have until October 6 to decide whether to appeal. Ripple, for its part, has long made him understand through its CEO, Brad Garlinghouse, and its Chief Legal Officer (CLO) Stuart Alderoty that she does not intend to appeal because she sees the court’s decision as a victory in her search for legal clarity.
Ripple seeks to lobby for more favorable terms for cryptocurrencies
Ripple’s Legal Battle against the SEC appears to have prompted the crypto company to push for more favorable terms for the crypto industry as it seeks to end the Commission implementing measures against cryptocurrency companies. Bitcoinist recently reported that Ripple co-founder Chris Larsen was one of 88 business leaders who signed a letter supporting Democratic presidential candidate Kamala Harris.
Meanwhile, Alderoty had previously expressed support for Republican presidential candidate Donald Trump, make a donation $300,000 to the former US president’s campaign. It is believed that Alderoty donated because Trump has taken a pro-crypto stance. Interestingly, Trump has also promised to fire Gary Gensler, Chairman of the SEC on his first day in office if elected. Gensler oversaw the Commission’s legal battle against Ripple and is known for his anti-crypto stance.
Featured image from The New York Times, chart from TradingView
