Ripple’s legal battle with the SEC has taken a positive turn, with a significant reduction in penalties. The SEC’s initial demand of $2 billion has now been lowered to $102 million, marking a major shift in the ongoing lawsuit between Ripple Labs and the SEC. Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC for its excessive fines and highlighted that Judge Torres had ruled XRP is not a security.
In a CNF YouTube video, Alderoty emphasized that there are no victims requiring compensation and pointed out Ripple’s resilience in the face of legal challenges. This development has brought some relief as the final decision on the remedy payment is pending, with a potential settlement now estimated in the $100 million range.
Alderoty took to Twitter to boldly express Ripple’s legal stance, stating that they have not agreed to anything in defense against the SEC’s accusations. He reiterated that XRP is not a security and emphasized that there are no victims to compensate. Despite the hurdles, Ripple continues to flourish, with the SEC dropping its initial demand for $2 billion.
The recent settlement announcement between the SEC and bankrupt Terraform Labs, agreeing on a $4.47 billion settlement, has stirred discussions. However, doubts linger on Terraform Labs’ ability to pay this amount, as they have not agreed to any penalty. The SEC insists that Ripple should pay at least $102.6 million, but Alderoty expressed relief that the SEC seems to have let go of its unreasonable demand for $2 billion.
In response to the latest updates on the SEC vs. Ripple case, XRP has seen significant gains, outperforming other top 100 coins. The positive momentum continues with XRP trading at $0.4982, reflecting a 0.12% increase in the past day and a 2.51% increase in the past week. This positive market reaction is illustrated in the overall XRP price chart below.
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