{"id":573394,"date":"2024-09-05T16:09:44","date_gmt":"2024-09-05T16:09:44","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=573394"},"modified":"2024-09-05T16:09:44","modified_gmt":"2024-09-05T16:09:44","slug":"judge-approves-ripple-request-to-stay-125-million-sec-penalty-company-signals-no-appeal-plans","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/judge-approves-ripple-request-to-stay-125-million-sec-penalty-company-signals-no-appeal-plans","title":{"rendered":"Judge Approves Ripple Request To Stay $125 Million SEC Penalty, Company Signals No Appeal Plans"},"content":{"rendered":"
A New York District Judge approved a request by Ripple Labs to pause the $125 million penalty imposed in the company’s ongoing lawsuit with the US Securities and Exchange Commission (SEC).<\/p>\n
The order<\/a>, signed by Judge Analisa Torres of the Southern District of New York, grants both Ripple and the SEC additional time to appeal the recent ruling.<\/p>\n Despite the pause, Ripple executives, including CEO Brad Garlinghouse, have indicated they have no plans to appeal the decision. Garlinghouse hailed the ruling as a “victory for Ripple,” while the company’s legal officer, Stuart Alderoty, confirmed that Ripple would “respect the $125 million fine.”<\/p>\n The stay in the Ripple SEC case will last for 30 days after the time the appeal expires or the resolution of any appeal in the case. <\/span><\/p>\n 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<\/p>\n
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