Ripple claimed victory in the lengthy legal battle with the SEC in 2024, but the actual situation is more complicated.
The SEC and Ripple have agreed to withdraw their appeals; however, since the judge did not approve the reduction of penalties, the lawsuit is still not completely closed legally.
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Brad Garlinghouse announced victory over the SEC in March 2024.
The SEC and Ripple have agreed to withdraw their appeals, but have not yet received the judge's approval to reduce the sentence.
The legal situation is still not completely finished; the old ruling remains in effect.
What happened with the Ripple – SEC lawsuit in 2024?
Ripple CEO Brad Garlinghouse once declared that the legal battle with the SEC was over when the SEC decided to withdraw its lawsuit in March 2024. However, according to specialized lawyers, the situation of the case is not as simple as that due to the legal procedures not being fully closed.
Garlinghouse's declaration that "the lawsuit is over" is based on information that the SEC has withdrawn the lawsuit, but officials and lawyers have stated that the litigation process is still ongoing, particularly regarding appeals and penalty rulings.
What legal steps are the SEC and Ripple currently taking?
According to the latest update, the SEC and Ripple have agreed to withdraw their appeals to end the lawsuit. However, the terms of the withdrawal depend on the judge modifying the previous ruling and reducing the financial penalty for Ripple.
The judge rejected the proposal to reduce the penalty against Ripple. Therefore, even though both parties plan to withdraw their appeals, the previous ruling will continue to have legal effect. August 15, 2024, is considered a time that could clarify the final steps of the lawsuit.
"The parties agree to withdraw their appeals on the condition that the court must lift the injunction and reduce the penalty. The judge did not accept this, so they will withdraw their appeals while keeping the current ruling intact."
Marc Fagel, a veteran SEC lawyer, commented on Twitter, July 2024
Did Brad Garlinghouse announce victory too early?
Lawyer Marc Fagel believes that Ripple's CEO's statement in March 2024 could be misleading since the legal details have not yet been settled. Declaring victory while the procedures are still pending could raise concerns for investors and regulators.
Fagel emphasized that, although Garlinghouse did not say anything wrong, this statement could easily mislead the public into thinking that the lawsuit has completely ended, while in reality, there are still many uncertainties.
"I believe that Garlinghouse has caused confusion by stating that the trial has ended early, even though the penalties and court orders have not yet been resolved."
Marc Fagel, a legal expert in the cryptocurrency field, July 2024
What is the current legal status of Ripple and the SEC?
Ripple and the SEC have agreed to withdraw their appeals, but the prerequisite is that the ruling must be modified first and the penalty for Ripple reduced. The judge refused this, so the penalties remain in effect. Thus, the legal case is not completely closed, although the main dispute has subsided.
The SEC and Ripple agreed to withdraw their appeals but with conditions.
The judge dismissed the request to revoke the penalty and injunction.
Therefore, the lawsuit is assessed to be largely concluded, but there are still rulings in effect.
This case shows that despite media declarations, the legal process always has complex developments, and we need to wait for the official handling from the court.
Frequently Asked Questions
Has the Ripple – SEC lawsuit ended? Although the SEC has withdrawn the lawsuit, the case has not legally concluded because the penalty ruling remains unchanged. Why did the judge refuse to reduce the penalty for Ripple? The judge maintained the penalty due to insufficient legal grounds to revoke or reduce the previously imposed penalty. Can the parties continue to appeal? Currently, the SEC and Ripple agree not to continue appealing to avoid prolonging the legal dispute. What is the impact of the lawsuit on Ripple? The lawsuit affects Ripple's reputation and business model; however, the ruling does not stop Ripple's operations. What does August 15, 2024, mean for the lawsuit? This date is seen as a time when the court may make a final decision regarding the outstanding procedures.
Source: https://tintucbitcoin.com/bitcoin-dien-bien-sau-cuoc-goi-thang-tranh-cai/
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