On Wednesday, Judge Analisa Torres delivered her final verdict in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
Ripple has been ordered to pay $125 million in fines, finally bringing an end to a protracted legal battle.
It has now become known that the SEC may appeal the ruling. Stuart Alderoty, Ripple’s legal director, has already responded to this possible step.
Ripple is happy with the result
Alderoty responded to the verdict as follows:
“We feel very good about it. When Ripple was first sued by the SEC almost four years ago, we said we would defend this case, not just for ourselves, but for the entire crypto industry. This administration, with this SEC and under this chairman, has clearly taken an anti-crypto stance and is waging a battle against crypto that is now playing out in the courts.”
Alderoty went on to detail the verdict, clarifying that while the court convicted Ripple for certain historical sales dating back to 2015, the conviction related solely to the way those sales were structured. Ripple accepts the $125 million fine and is prepared to pay it within the 30-day deadline.
Will the SEC appeal?
Alderoty expressed doubts about the SEC’s ability to appeal. He said the SEC has 60 days to make a decision, but he believes there should be no appeal if the Biden administration is serious about ending the “war on crypto.”
Ripple is now focused on growing their business both internationally and in the United States thanks to the clarity provided by this ruling.
Alderoty concluded by calling on the government to shift its focus from litigation to establishing clear laws and regulations for the crypto industry. He stressed that the ongoing fight against crypto has undermined the core mission of the SEC.
He said it was time for a reboot, with regulations allowing the industry to flourish in the US, just as it is happening globally. “We need to hit the reset button and look forward,” he concluded.
Trade €10,000 for free and get €10 bonus
Want to enter the crypto world and perhaps buy XRP or another crypto? Now is your chance! Thanks to a special deal between Newsbit and Bitvavo, our readers get an exclusive offer.
Create an account at Bitvavo using the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you will also pay no trading fees on your first 10,000 euros in transactions for 7 days after registering your account.* Sign up now!
*Please note that terms and conditions apply to this promotion.
Source: https://newsbit.nl/juridisch-directeur-van-ripple-bespreekt-mogelijke-sec-beroep-na-uitspraak-in-xrp-rechtszaak/
