- Ripple and the SEC seek a stay on the $125M judgment, signaling preparation for potential appeals in the XRP lawsuit.
- Despite legal tensions, XRP’s price remains stable, with strong trading volumes reflecting market resilience.
Following a recent update on the XRP lawsuit breakthrough, where CNF highlighted that Ripple eyes a major victory as the SEC hesitates on appeal, Ripple has requested a stay on the $125 million payment it owes the SEC, just days before the deadline, in the ongoing XRP lawsuit.
This comes after Judge Analisa Torres ordered the payment last month. Ripple and the SEC have agreed to hold off on the payment while they prepare for a potential appeal. Although Ripple previously denied plans to appeal, some former SEC lawyers believe an appeal is likely.
According to attorney Fred Rispoli, the chances of an appeal have increased with the agreement to place 111% of the judgment amount in trust.
#SECvRipple Update: Well, the odds have increased of an appeal. @Ripple and SEC have agreed to an arrangement where 111% of monetary judgment will be held in trust, to be paid to SEC only on (1) 30 days after appeal deadline or (2) after appeal concludes. This is not a…1/2
— Fred Rispoli (@freddyriz) September 4, 2024
This amount will be paid to the SEC either 30 days after the appeal deadline or after the appeal concludes. Rispoli suggested that the SEC’s hesitation to appeal could be a factor in this arrangement.
Despite the legal uncertainty, XRP’s price has remained stable, with trading volume up by 36%, trading at $0.5583 after an increase of 0.21% in the past 24 hours following the news and a decrease of 2.13% in the past week. See the XRP price chart below.
In another report, Impending Settlement and Appeals Signal Turning Point in XRP Lawsuit, a CNF update highlighted that the SEC challenges Ripple’s defense, arguing for injunctions to prevent future violations. Ripple asserts changes in behavior post-lawsuit and plans to restructure XRP sales.
Meanwhile, legal experts speculate on the potential outcomes if the SEC files an appeal and loses, including whether the SEC would owe Ripple statutory interest on the penalty. Ripple’s agreement to place the $125 million in escrow serves as a safeguard, ensuring the funds are protected in case the SEC does not appeal by the deadline.
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