The long -standing legal test between Ripple Labs and the American Securities and Exchange commission (SEC) could soon reach a resolution, reported Fox Business, citing “two well -placed sources”.
The case, which has dragged since December 2020, when the accused of the wave of the dry of having collected more than $ 1.3 billion thanks to unregistered sales of his closely linked XRP token, could finally end – but not without having last minute arguments on his terms.
Sources have told Fox that Ripple’s legal team pushes to renegotiate the aspects of a pivotal decision in 2023 by the district judge Analisa Torres of the South District of New York (SDNY). This decision ordered Ripple to pay a penalty of $ 125 million for its institutional XRP sales, that the court deemed unregistered securities offers while sparing the fine of almost $ 2 billion that the SEC had required. The SEC called Torres’ decision shortly before former president Gary Gensler resigned.
Torres’ decision was largely considered a victory for Ripple at the time of its publication, because the court decided that its programmatic sales of XRP for exchanges for purchases by retail merchants did not constitute securities transactions. However, now that the dry and its new leadership are in a large -scale retirement of several of its surveys on crypto companies, and have agreed to suppress current prosecution against companies like Coinbase, Cumberland Drw and Kraken, the partial victory of Ripple may not have such a sweet taste.
XRP has climbed 3% on news.
A Ripple representative did not respond to the request for comments from Coindesk by the time of the press.
Read more: Ripple “Cross-Apeal” plans in dry box
