Today, significant changes occurred in the case between Ripple (XRP) and the SEC. Both parties have withdrawn their objections, leading to a change in the penalty amount and case timelines.
Fundamental Changes in the Case
Ripple's Chief Legal Officer Stuart Alderoty announced today that after the SEC withdrew its objection, Ripple also withdrew its counter-objection and agreed to return $75 million of the $125 million that the SEC had obtained as a penalty.
Revised Court Timelines
Following this change, the important dates in the upcoming Ripple and SEC case have also shifted. The SEC's vote on the final amendments is expected to take less than 30 days. Following that, the SEC needs to file a motion to vacate the preliminary injunction, which Ripple will not appeal. Judge Torres is expected to sign it in less than 30 days from the filing of the petition.
Significance of the Case Outcome
In the current situation, the Ripple case will be officially and legally over within 60 days. This case, which began even before Gary Gensler's tenure as SEC Chairman, became the main battleground between the crypto industry and regulators. As a result, the crypto industry will achieve a significant victory.
The developments in the Ripple vs. SEC case are a landmark event for the crypto market, opening new prospects and demonstrating the strength of the cryptocurrency community.
