The ongoing legal conflict between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. Ripple has formally requested a postponement of the $125 million penalty.
Background
The conflict between Ripple Labs and the SEC has been ongoing for a long period. The fine was imposed on the company for violating U.S. securities law.
Ripple's Statement
Ripple has asked the Southern District Court of New York to delay the fine and deposit the money into an escrow account until a final decision on the case is reached. The SEC has granted Ripple's request, ensuring the funds' security.
Community Reaction
The decision to postpone has sparked discussions within the cryptocurrency community, particularly regarding the SEC's potential challenge to the case. Renowned attorney James A. Murphy, also known as MetaLawMan, pointed out that the SEC might still consider its options.
The outcome of this conflict may set a significant precedent for the regulation of digital assets in the U.S., including the classification of tokens like XRP as securities.
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