The US Securities and Exchange Commission (SEC) has finally issued its response to the verdict in the lawsuit against Ripple.
The SEC appears pleased with the ruling, telling Fox Business reporter Eleanor Terrett that the court addressed the “seriousness” of Ripple’s behavior.
As previously reported by Newsbit, District Judge Analisa Torres ruled that Ripple had committed “a serious offence” by repeatedly violating securities laws. The company has been ordered to pay a hefty fine of $125 million.
At the same time, Judge Torres significantly reduced the amount of civil penalties sought by the SEC, which had originally sought as much as $2 billion.
Who actually won?
While Ripple is presenting the ruling as a major victory for the embattled company, Terrett believes the SEC also has reason to celebrate, as the fine imposed is significantly higher than the $10 million the San Francisco-based company had hoped for.
XRP Surges Despite Uncertainty Over SEC Appeal
While it appears unlikely that the SEC will appeal the court’s most recent ruling on the enforcement measures, the agency could still appeal the July 2023 ruling that found secondary XRP sales are not securities.
Despite the uncertainty surrounding the SEC’s appeal plans, XRP has seen a massive price surge, increasing by over 20%.
XRP has even become one of the most traded cryptocurrencies in the world. In South Korea, XRP’s daily trading volumes even surpassed those of Bitcoin, Ethereum and Solana combined after the ruling.
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Source: https://newsbit.nl/sec-reageert-eindelijk-op-uitspraak-in-ripple-rechtszaak/
