Ripple Labs has requested a stay on the monetary portion of the judgment in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). This move comes as the deadline to pay the $125 million penalty approaches.
Request for Payment Delay
Ripple made the request to delay the monetary judgment entered by Judge Analisa Torres on August 7, 2024. As noted by defense lawyer James K. Filan, this decision was made by the company on September 4, considering the need for a temporary hold.
Agreement with SEC
The request for a stay was filed before September 6, the last date for Ripple to make the substantial payment of $125 million. The SEC agreed to Ripple's request, marking a rare moment of concord between the two adversaries.
Potential Implications
Future appeals could impact further payments. Ripple’s strategy to avoid the $125 million penalty may succeed, but a cross-appeal might influence these prospects.
This case highlights the complexity of the ongoing legal disputes between Ripple and the SEC, which could significantly affect the company's future and its financial obligations.
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