The long-standing legal battle between Ripple Labs and the Securities and Exchange Commission of the United States (Sec) seems to be close, with Ripple emerging victorious.
The SEC will return the share of the fines of $ 125 million commanded by Ripple last year, according to a Tuesday X position of the Legal Director of Ripple, Stuart Alderoty, keeping only $ 50 million and returning the balance of $ 75 million to Ripple.
The proposed regulations, which is subject to the approval of the commissioner and the court, occurs only a week after the SEC agreed to remove its appeal from the judge of the American district court analyzed Torres in 2023 in office that the programmatic sales of RIPPLE of XRP with retail exchanges did not violate the federal laws on securities. Torres noted that only Ripple’s institutional sales violated securities laws, ordering Ripple to pay the fine of $ 125 million. Although HEFTY, the fine was only a fraction of the nearly $ 2 billion in civil penalties, disgorgement and prejudice interest that the SEC initially requested.
As part of the pending settlement agreement, Ripple has agreed to lower its transversal appeal of the CAL appeal. The Alderoty also said that the SEC will ask the court to raise the standard injunction imposed against Ripple.
XRP jumped 1.5% higher in the minutes that followed the news before causing some of the gains, changing hands at around $ 2,47 recently. The token dropped by 0.5% in the last 24 hours, in accordance with Bitcoin (BTC) and the performance of the wider crypto market Market Market Market.
A second representative did not immediately respond to the request for comments from Coindesk.
– Krisztian Sandor contributed the reports.
