Ripple’s legal battle with the SEC has taken a positive turn as penalties are significantly reduced. The initial demand of $2 billion has been slashed to $102 million, marking a major shift in the ongoing lawsuit.
Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the SEC for excessive fines and highlighted Judge Torres’ ruling that XRP is not a security. In a recent tweet, Alderoty boldly stated that Ripple has not agreed to anything and emphasized that there are no victims to compensate.
Despite the legal challenges, Ripple continues to thrive, as seen in a recent CNF YouTube video. The SEC’s abandonment of their initial $2 billion demand provides some relief as a potential settlement in the $100 million range is expected.
The recent settlement announcement between the SEC and bankrupt Terraform Labs, agreeing on a $4.47 billion settlement, has raised concerns about Terraform Labs’ ability to pay. Ripple’s CLO expressed relief at the reduced penalty demand and the SEC’s apparent abandonment of the $2 billion figure.
In response to the ongoing legal developments, XRP’s market reaction has been positive. XRP’s gains were the highest among the top 100 coins, with a 0.12% increase in the past day and a 2.51% increase in the past week. Ripple (XRP) is currently trading at $0.4982. See the XRP price chart for more details.
For more information on Ripple (XRP), check out our guide on buying Ripple and a tutorial on Ripple XRP wallets. Stay updated on 24-hour XRP prices and the latest news on Ripple (XRP).
