- The SEC’s lawsuit against Ripple has entered its last phase after lowering their requested fine from $125 million to $50 million.
- The court is being requested by the SEC to remove the institutional investor XRP sale restrictions imposed on Ripple.
- Traders seem to have put the legal proceedings behind them based on the limited market response that led to XRP rising 1.25%.
Ripple now concludes its long-running fight against the U.S. Securities and Exchange Commission (SEC). Ripple’s Chief Legal Officer, Stuart Alderoty, announced that the long-standing case officially ends its voyage after surpassing four years.
Ripple faced a $125 million fine at first in August when Judge Analisa Torres issued it. Alderoty exposed that the SEC plans to keep only $50 million out of the total penalty amount. Ripple achieves significant progress with this development as their legal battle draws to an end.
SEC Moves to Lift XRP Sales Ban
Wholely apart from the cut in fine amount the SEC petitioned to have the injunction dropped that barred Ripple from conducting XRP token sales to institutional market participants. The requested court permission would eliminate a notable hurdle to Ripple’s operational expansion.
SEC members must vote internally before finalizing the agreement. The agency exhibits a strong tendency to approve the plan because it demonstrates a new, flexible attitude toward cryptocurrency businesses.
Ripple CEO points out the excellent standing of his company
Ripple CEO Brad Garlinghouse discussed the latest case developments when he participated in a Bloomberg interview recently. Ripple maintains a favorable stand according to its CEO which indicates the company now determines its future direction.
The announcement from Alderoty led to XRP’s market value increasing by only 1.25%. Market participants adjusted their perceptions to include the recent industry developments before focusing on other market-altering factors.
SEC Drops Appeal Against Ripple
The SEC withdrew its appeal against Ripple last week and this move first led to a short-term spike in XRP prices. The announcement from Alderoty eliminated previous doubts about Ripple’s cross-appeal potential before the matter was clarified.
Ripple aims to recover its leadership position in the cryptocurrency industry after surmounting its legal disputes. The SEC case termination allows Ripple to start its business expansion and growth activities.
