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Ripple’s $50M SEC Settlement Confirmed, But Where Are the Final Legal Papers? Timeline Explained
In a significant development, the legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) has officially come to an end. The regulatory body has decided to drop its appeal, paving the way for a final resolution that both parties have now agreed upon.
As part of this settlement, Ripple will pay a hefty fine of $50 million, which will be held in an interest-bearing account. Additionally, the company has agreed to withdraw its cross-appeal, putting an end to any further challenges. The SEC had initially sought a much higher penalty, reportedly as high as $125 million.
A crucial aspect of this resolution is that the court will lift the injunction placed on Ripple at the request of the SEC. This means that Ripple can now operate freely without those limitations.
Stuart Alderoty, Ripple’s Chief Legal Officer, has confirmed the news and stated, “The SEC dropped its appeal, and Ripple dropped its cross-appeal.”
What Happens Next?
Although some paperwork and court procedures still need to be completed, legal experts anticipate a seamless conclusion. Attorney Fred Rispoli provided a timeline for the remaining steps:
“With the announcement by @s_alderoty, you better believe the paperwork has been drawn up already. Now we wait on a vote by SEC Commission.”
Timeline: When Will It Be Done?
According to Rispoli’s explanation, here is what happens next:
* The SEC Commission will cast its vote within 30 days.
* A filing for the injunction removal will soon follow and be approved shortly after.
* Within 60 days, the entire case will officially close.
The article concludes by stating that while some paperwork and court steps still need to be finalized, legal experts expect a smooth process.
Source: https://coinpedia.org/news/ripples-50m-sec-settlement-confirmed-but-where-are-the-final-legal-papers-timeline-explained/
