Ripple has reached a settlement with the SEC, marking the end of a long-standing legal dispute by agreeing to pay $50 million out of the originally imposed $125 million fine.
Background of the Legal Case
The legal battle between Ripple and the SEC began in 2020 when the SEC sued the company for selling XRP tokens, which it claimed were unregistered securities.
Details of the Settlement
As part of the settlement, Ripple agreed to pay $50 million, down from the original fine of $125 million. The SEC also requested the removal of the 'obey the law' injunction previously placed on Ripple.
Impact on Ripple and the Cryptocurrency Market
Ripple CEO Brad Garlinghouse noted the financial harm to XRP holders amounted to an estimated $15 billion. Despite the settlement, the debate over cryptocurrency regulation in the U.S. continues.
The legal dispute between Ripple and the SEC is officially concluded, although the questions surrounding cryptocurrency regulation in the U.S. persist.
