Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ripple Seeks To Pause Fines As Legal Battle With The US SEC Continues

Share This Post

In a significant turn of events, a stay of the monetary penalties has been requested by the behemoth payment firm Ripple Labs as its lengthy legal dispute with the United States Securities and Exchange Commission (SEC) continues to unfold. 

Ripple Takes Bold Step With Stay Request

On Wednesday, the Ripple team in a letter filed a demand for a stay of the monetary portion, particularly the $125 million fine of the court’s previous judgment. The plea was made in an effort by the company to postpone the financial penalties that the court had imposed pending the outcome of the case over whether or not its XRP token is considered a security on August 7, 2024.

Ripple humbly demands that the Southern District Court of New York take action on the stay motion prior to September 6, which is when the monetary portion of the judgment is now due to be paid. Meanwhile, the US SEC has already greenlighted the delay request.

The letter read:

Plaintiff, the US SEC has consented to this request and to the terms of the Proposed Order that Ripple is submitting today. The monetary portion of the judgment is currently due to be paid this coming Friday, September 6, and Ripple respectfully asks that this court act on this stay request before that date.

Specifically, this move implies that the payment company is putting the $125 million fine into an escrow account. Should the regulatory watchdog choose not to appeal the motion, the funds will be released once the deadline has been surpassed.

However, if the agency decides not to file an appeal, the funds will go to Ripple Labs. Since the SEC approved these terms, the company has insurance under this agreement.

According to the filing, the stay will be in effect under the proposed order for 30 days following the appeal period’s expiration or any appeal decision. As specified in the judgment, the SEC will receive post-judgment interest during this period.

Furthermore, the fund and any interest that arises from its deposit in the escrow account registered under the name Kellogg Hansen will be owned beneficially by Ripple, with no control over it.

Industry Response To The Motion

Ripple’s motion for stay has triggered quite a frenzy within the community regarding whether the regulatory watchdog will file for an appeal. As a result, popular lawyer James A. Murphy, also known as the MetaLawMan, has delved into the case, offering insights into the potential outcome.

According to the lawyer, the only two options at this time are either the SEC is still unsure or has decided to appeal. However, considering the development, the attorney is confident that the SEC will appeal the motion because Ripple would have been forced to pay the $125 million fine if the Commission opted not to do so.

As the legal battle intensifies, this development represents another turning point in the case that might have long-term effects on the crypto industry.

Ripple

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin balance sheet adoption could hit 20% by 2026

Bitwise and UTXO Management project that 20% of all Bitcoin (BTC) could migrate to institutional balance sheets by end-2026, according to a new report published by Bitwise and UTXO Management on May

TRON Network Strengthens Global Payment Infrastructure as Bridge, a Stripe Company, Expands Integration

This content is provided by a sponsor PRESS RELEASE Geneva, Switzerland, May 23, 2025 – TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through

Bitcoin Price Analysis: Constructive Market Structure Signals Parabolic Rally Ahead

The post Bitcoin Price Analysis: Constructive Market Structure Signals Parabolic Rally Ahead appeared first on Coinpedia Fintech News A weakening US dollar amid rising crypto optimism has favored

Massive $200 Million Sell Wall Holds Bitcoin At $111,000 And $113,000 – Here’s What We Know

After several days of asking from bullish investors, Bitcoin has finally carved out a new all-time high above $108,800, reaching as high as $111,814 in the last 24 hours The breakout to the new

Pi Network token makes derivatives debut on Kraken with perpetual futures offering 20x leverage

Kraken has introduced perpetual futures contracts for Pi Network’s native token, PI, allowing traders to speculate on its price with up to 20x leverage, according to a May 23 announcement The

Solana MACD Curling Up – Is This The Prelude To A Breakout?

Solana (SOL) is beginning to show signs of renewed strength as technical indicators hint at a potential breakout On the weekly chart, the MACD is curling up and has recently crossed above the signal