{"id":562231,"date":"2024-08-08T10:33:19","date_gmt":"2024-08-08T10:33:19","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=562231"},"modified":"2024-08-08T10:33:19","modified_gmt":"2024-08-08T10:33:19","slug":"xrp-surges-18-as-ripple-declares-victory-in-sec-lawsuit-despite-125-million-fine","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/xrp-surges-18-as-ripple-declares-victory-in-sec-lawsuit-despite-125-million-fine","title":{"rendered":"XRP Surges 18% As Ripple Declares Victory In SEC Lawsuit Despite $125 Million Fine"},"content":{"rendered":"

The XRP price <\/span>surged<\/span><\/a> over 18% after Ripple declared ”victory” over a lawsuit brought against it by the Securities and Exchange Commission (SEC), despite being fined $125 million.<\/span><\/p>\n

“This is a victory for Ripple, the industry and the rule of law,” said Ripple CEO Brad Garlinghouse<\/span><\/a> i<\/span>n a post on X. “The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. The SEC’s headwinds against the whole of the XRP community are gone.”<\/p>\n

\"Regulatory<\/p>\n

A New York federal judge ordered Ripple Labs to pay a $125 million civil penalty on August 7. The judge added that the fintech company is “permanently restrained and enjoined” from violating US securities laws as part of the case brought by the SEC three years ago.<\/span><\/p>\n

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The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.<\/p>\n

This is a victory for Ripple, the industry and the rule of law. The SEC’s…<\/p>\n

— Brad Garlinghouse (@bgarlinghouse) August 7, 2024<\/a><\/p><\/blockquote>\n