Ripple and SEC reach $50 million settlement to end XRP lawsuit
The SEC and Ripple have agreed that the company will pay only $50 million to settle a long-standing lawsuit over XRP sales.
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have officially closed a legal case that has dragged on for more than four years, since the regulatory agency decided to sue the company.
The main regulator on Wall Street, the SEC, announced the settlement on Thursday (8), after Ripple executives stated in March that the agency had backed down. Ripple and two of its executives — CEO Brad Garlinghouse and Executive Chairman Chris Larsen — will pay a total of $50 million to the SEC to settle the case, according to the announcement. Ripple had already disclosed this $50 million settlement in March.