The post Lawyers Clear The Air On Appeals In XRP Lawsuit appeared on BitcoinEthereumNews.com.

Ripple SEC Case: After Judge Torres ordered Ripple to pay $125 million in penalties in the remedies phase, debates spurred over the potential appeal by the U.S. Securities and Exchange Commission (SEC). Some reports suggest the government agency will not appeal against the ruling, but lawyers say appeals to previous decisions are more likely, including summary judgment. Judge Torres Ends Long-Running Ripple SEC Case The Southern District of New York Court in the final judgment held defendant Ripple Labs liable to pay $125 million instead of $2 billion aimed by the U.S. SEC. However, the regulator’s argument for injunction was granted and the federal judge permanently restrained Ripple from XRP sales to institutional investors and ODL sales without a registration statement. Ripple Labs CEO Brad Garlinghouse and CLO Stuart Alderoty said it was a major victory for the company, the crypto industry, and the rule of law. The executives expressed satisfaction with the verdict and indicated they intend not to appeal Judge Torres’ decision. “The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company,” said Garlinghouse. Lawyers Say Appeals Filing By SEC and Ripple Are Coming While some reports suggest that the Securities and Exchange Commission has decided to not appeal the remedies decision, lawyers confirmed that no such statement came from Garlinghouse or Stuart Alderoty during the recent interviews. Pro-XRP lawyer Bill Morgan responded, “Stuart said nothing that indicates he believes the SEC will or will not appeal.” Former SEC lawyer Marc Fagel explained the agency has 60 days to appeal in Ripple SEC case. It can also happen after Ripple pays civil penalties to the regulator in 30 days. If the regulator files an appeal,…

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Filed under: News - @ August 11, 2024 6:08 pm