“DISTRICT Jude Analisa Torres Ordered Ripple to Pay The Sec A $ 125 Million Fine Last Year. Under the New Settlement Agreement, Ripple Will Get The Majority of that Money Back.”, – WRITE: www.coindesk.com
According to a setletlement agroment FILED IN NEW YORK ON Thursday, Both Parties have agreed to a $ 50 Million penalty – a potion of the $ 125 Million Fine Fine Initial DISTRICT OF NEW YORK (SDNY), AND A Tiny Fraction of the Massive $ 2 Billion Fine Initially Requested by the Sec.
In Her 2023 Ruling, Judge Torres Found that Ripple Violated Securities laws in selling ists notable xrp token to institutational investors to buy in a Suit Originally Brough in 2020 Under Ten-Sec Chair Jay Clayton (Who’s Now The Acting Us Attorney for the Southern District of New York).
The Sec, then Under the Leadership of Former Chair Gary Gensler, Appealed Torres’ Ruling, Prompting Ripple to Cross-Pepeal. Under the settlement agroment, Both parties agree to drop their cashes. The Thursday filing confirms ripple’s AnnounCement in March that it had reached an an in-Principle settlement agroment with the Sec.
Read More: Ripple to Get $ 75m of Court-Erdered Fine Back From Sec, Drops Cross Appeal
The Settlement Comes Amidst the Sec’s Full-Scale Retreat From A Host of Crypto Investigations and Litigation that Began Under Gensler’s Tenure. After US President Donald Trump Took Office in January and Appeled Crypto-Friendly Paul Atkins to Serve As The Sec’s New Chairman, The Agency Has Done An About-Face on Crypto.
XRP Climbed 9% on the News, Continuing A 24-HOUR INCREASE IN VALUE.
Ripple Did Not Respond to Coindesk’s Request for Comment.
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