The long -standing legal showdown between Ripple Labs and the US Securities and Exchange Commission (SEC) could soon reach a decision, Fox Business reported, citing “Two well -placed sources.”
The case, which has resigned since December 2020, when SEC accused Ripple of collecting over $ 1.3 billion through unregistered sale of his closely related XRP token, finally can be wrapped up without the last moment Krangel over its terms.
Sources told Fox that Ripple’s legal team is pushing to renegotiate aspects of a central 2023 decision by District Judge Analisa Torres in the southern district of New York (SDNY). This decision ordered Ripple to pay a penalty of $ 125 million for his institutional XRP sale, which the Court considered unregistered Safe Authority, while saving the company the nearly $ 2 billion fine as SEC had demanded. SEC appealed Torres’ decision shortly before former President Gary Gensler stepped down.
Torres’ decision was widely considered a victory for Ripple at the time it was issued because the court decided that its programmatic sale of XRP to exchanges to purchase retailers did not constitute securities transactions. But now that SEC and its new leadership are in a full scale retreat from many of its studies of cryptic businesses and have agreed to drop ongoing enforcement against companies such as Coinbase, Cumberland DRW and Kraken, Ripple’s partial victory may not taste so sweet.
XRP rose 3% on the news.
A representative of Ripple did not respond to Coindesk’s request for comment before pressing time.
Read more: Ripple plans ‘Cross-Appel’ in the SEC case
