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Ripple v. SEC Yearly Recap: Was 2024 the Most Important Year?
The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been a crucial aspect of the cryptocurrency market in recent years, with both sides presenting their cases to the court. In this year’s recap, we will focus on the key developments that took place during the past 12 months.
In the summer of 2023, the same court magistrate found that Ripple did not breach federal securities laws by selling its XRP token to retail clients through centralized exchanges. This was seen as a significant win for the company and sent positive signals throughout the market.
Fast forward to August 2024, when the same court delivered a verdict in favor of the SEC, ordering Ripple to pay a $125 million civil penalty for violating federal securities laws during its institutional sales of XRP. The fine represents only a fraction of what the SEC initially asked for, which was around $2 billion.
While this development might seem negative at first glance, it is essential to note that the company will be able to pay the penalty from its balance sheet without affecting its financial situation. According to CEO Brad Garlinghouse, Ripple respects the court’s decision and has already made plans to settle the fine.
The ruling also sparked a mix of reactions among crypto enthusiasts, with some viewing the verdict as a significant victory for Ripple while others expressed disappointment that the company was still forced to pay a hefty sum.
Source: cryptopotato.com
