Key Takeaways:
- Ripple has requested a stay on a $125M judgment, proposing to secure $139M in a bank account pending a possible appeal.
- The SEC agreed to the stay, postponing the payment until after the appeal window closes or is resolved.
- The legal battle stems from a 2020 SEC case, though a 2023 ruling determined XRP is not a security in programmatic sales.
Ripple Labs has requested a stay on a $125 million judgment in light of a possible appeal following an August 7 court ruling.
While the SEC has not confirmed if it will appeal, Ripple’s lawyers suggested securing 111% of the judgment, approximately $139 million, in a bank account to delay the payment.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple has filed a letter requesting a stay of the monetary portion of the Court’s Judgment entered on August 7, 2024. The SEC has consented to the request for a stay. pic.twitter.com/zo68dq6D8j
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 4, 2024
The SEC agreed to this stay, postponing payment until 30 days after the appeal window closes or after any appeal concludes.
The case, overseen by Judge Analisa Torres, stems from the SEC’s 2020 allegations that Ripple used XRP as an unregistered security.
A July 2023 ruling by Judge Torres determined that XRP was not a security in its programmatic sales.
🚨 BREAKING: 🇺🇸 SEC vs. RIPPLE UPDATE!
— Good Morning Crypto (@AbsGMCrypto) September 4, 2024
The SEC Has Agreed To Ripple’s Request To Withhold The Monetary Portion Of The Courts Judgement Issued August 7, 2024.
“I Think It Makes It More Likely The SEC Will Appeal” Stated @MetaLawMan
“Because if the SEC had Already Decided They… https://t.co/vU6NUSuvUk pic.twitter.com/WbGySlEe1N
Both parties have 60 days to appeal.
Ripple’s leadership hailed the August ruling as a victory, but the legal battle may continue depending on the SEC’s next steps.
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