
Title: XRP News: Former SEC Official Says Ripple Already Paid $125M To SEC, Here’s How
A recent statement from a former SEC official has shed light on the financial settlement reached between Ripple and the Securities and Exchange Commission (SEC). According to Marc Fagel, a former SEC official, Ripple has already paid the $125 million monetary judgment in cash.
The revelation comes as Ripple seeks to put the legal battle behind it and focus on expanding its operations. Despite earlier rumors suggesting that Ripple may pay the fine in XRP tokens instead of cash, this possibility seems unlikely due to the SEC’s refusal to accept any other form of payment besides cash.
As Fagel noted, the court order instructed the crypto firm to pay the monetary judgment, which was already fulfilled by placing the funds in escrow when both parties filed their respective appeals. He explained that once the parties drop their appeals, the court order will come into effect, and the fine will be transferred to the SEC.
Ripple’s decision to drop its cross-appeal against the SEC suggests that it is preparing to put the legal dispute behind it. Meanwhile, the Commission is expected to do so as well, ultimately ending the XRP lawsuit.
Fagel further stated that the timeline for the SEC’s decision hangs in the balance. He pointed out that the typical timeframe for the Commission to make a recommendation on an enforcement action is between one and two months, but emphasized that this might be expedited due to the current circumstances.
The announcement comes as the XRP price surges, trading at around $3.6 at the time of writing, with a 17% increase in the last 24 hours according to CoinMarketCap.
In summary, Ripple has already settled its financial obligations by paying the $125 million fine in cash, and both parties are expected to drop their appeals soon.
Source: bitcoinist.com