Ripple Labs filed a letter to delay a $125 million fine payment in its ongoing case with the SEC until the appeal deadlines or resolution.
Ripple and SEC Legal Battle
Ripple Labs continues its legal battle with the US Securities and Exchange Commission (SEC). A court ruling on August 7 required Ripple to pay a $125 million fine. Ripple proposed depositing 111% of the judgment, around $139 million, until 30 days after appeal deadlines or resolution.
Fine Payment Delay
The SEC has agreed to Ripple's request to delay the fine payment past the September 6 deadline. This suggests that an appeal might be incoming. The court has ordered Ripple to deposit 111% of the penalty into a bank account managed by its counsel until 30 days after the appeal deadline or resolution. The funds will be released only upon mutual agreement between Ripple and the SEC or further court orders.
Possible SEC Appeal
Attorney Fred Rispoli noted that the odds of an appeal have increased since Ripple filed a letter requesting a payment delay, and the SEC consented to it. Rispoli mentioned that depositing 111% of the fine amount signifies the SEC's uncertainties about appealing. Despite this, it remains uncertain if an appeal will be filed. Rispoli hinted that any ruling on the SEC vs Ripple case could be delayed until 2026 if an appeal is filed. Despite ongoing legal actions, XRP's price surged by 25% over the last 60 days, trading at around $0.55.
The legal battle between Ripple and the SEC remains a pivotal moment in cryptocurrency regulation. The anticipated appeal could again shift the case's trajectory, significantly impacting the crypto market.
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