Ripple Withdraws Counter Appeal Against SEC, Accepts $125 Million Fine
On June 28, according to sources from The Block, Ripple decided to withdraw its counter appeal in the lawsuit with the U.S. Securities and Exchange Commission (SEC). A counter appeal allows one party in the lawsuit to address other aspects of the court's ruling to overturn or modify a previous decision. However, the court had previously rejected the settlement proposal made by Ripple and the SEC twice, which suggested reducing the fine to $50 million and lifting the permanent ban on Ripple.
Final Ruling: $125 Million Fine and Permanent Ban to Remain
Ripple has finally chosen to accept the civil fine of $125 million, while the permanent ban on operations may still remain in place. This means that the years-long legal dispute is nearing its end. Ripple's CEO, Brad Garlinghouse, confirmed that the lawsuit with the SEC – one of the most prominent legal confrontations in the cryptocurrency space – is preparing to transition into a new chapter, opening up opportunities for Ripple to continue developing without legal entanglements.
SEC and Ripple Propose Ruling to End Dispute
Previously, both the SEC and Ripple aimed to end this prolonged litigation phase with a joint request to the court for a ruling on the $125 million fine. This is seen as a significant milestone for the cryptocurrency market to eliminate one of the most serious legal barriers against Ripple. This decision also helps create clearer guidelines on how securities laws will be applied to future cryptocurrency projects.
The closing of this lawsuit will have wide-ranging implications for regulatory mechanisms and the sustainable development of cryptocurrency platforms that are gradually being recognized within the traditional financial system. Investors, experts, and stakeholders are closely monitoring the developments to adjust their investment strategies accordingly.
Source: https://tintucbitcoin.com/ripple-rut-khang-cao-voi-sec-my/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news about the cryptocurrency market and not miss any important information!
