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As the curtain closes on 2024, it’s imperative to take a look back at the tumultuous year in the legal battle between Ripple and the United States Securities and Exchange Commission (SEC). The drama unfolded before our eyes as the two adversaries clashed repeatedly, leaving fans of the XRP token wondering if the tide was shifting in their favor.
In an unprecedented move, the Court’s decision to order Ripple to pay a $125 million civil penalty for violating federal securities laws through institutional sales of its XRP token has left a lasting impact on the crypto community. It’s important to note that this development marks a significant victory for Ripple considering the initial demand from the SEC was over two times higher.
Throughout 2024, Ripple and the SEC were at each other’s throats, engaging in a series of publicized disputes over various matters. One such instance was the clash over a key witness’ testimony as well as arguments surrounding the size of the company’s fine for violating certain laws. The SEC sought to impose an enormous $2 billion penalty on Ripple, alleging that it conducted an unregistered securities offering by selling XRP tokens.
In stark contrast, Ripple insisted that this amount should not exceed $10 million. Interestingly enough, the company drew parallels with another legal battle involving Terraform Labs, stating that allegations of fraud are only present in the latter lawsuit.
The Court’s decision to impose a fine of $125 million, a fraction of what was initially demanded by the SEC, has left many optimistic about the future outlook for Ripple. The CEO of the organization, Brad Garlinghouse, expressed his respect for the court’s ruling while Chief Legal Officer Stuart Alderoty confirmed that the company will pay the penalty using its balance sheet.
However, just as it seemed like the storm had passed, the SEC chose to appeal this decision in October. This sudden twist has introduced a fresh wave of uncertainty to the situation.
The sudden involvement of Donald Trump in the scene brings new hope and light into what was looking like an endless tunnel for Ripple fans.
Source: cryptopotato.com
