CandleFocus Ripple Vs. SEC : The Appeal Deadline is Approaching
2024-09-20
Author: Content Editor
After a four-year legal battle, the SEC has imposed a $125 million penalty on Ripple in relation to their sale of XRP tokens. The court ruling comes after the SEC wanted to impose a $2 billion fine on Ripple for violating the Securities Act, while Ripple argued for a penalty not exceeding $10 million. In July 2023, the court ruled that institutional sales of XRP tokens violated the Securities Act, but programmatic sales to retail investors did not. The recent ruling also rejected the SEC's request for disgorgement and prejudgment interest. The SEC has 17 days left to appeal the decision, with speculations that they may choose not to extend the case further. If the SEC does not appeal, Ripple will be free after paying the penalty, but an appeal would extend the case potentially until 2025. The SEC had previously dropped charges against Ripple's CEO and co-founder in October 2023.
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