In a significant win, Ripple reached an agreement with the U.S. Securities and Exchange Commission (SEC), reducing the initial fine from $125 million to $50 million. The case began in 2020 when the SEC filed a complaint against Ripple, alleging that the company conducted unregistered securities offerings through the sale of the digital asset XRP. Following the commission’s approval of the settlement, the case will be closed, allowing Ripple to continue its operations. Ripple has paid between $150 to $200 million in legal fees for this case. Many exchanges, including Binance, eToro, and Coinbase, delisted XRP, causing its market value to drop. This incident made many cryptocurrency projects cautious about operating in the U.S. With this settlement, Ripple pays a reduced fine and may potentially be relieved of a permanent injunction. Furthermore, Ripple sees its role in promoting legal transparency regarding planned sales and secondary XRP transactions as a significant legal achievement. Stuart Alderoty, Ripple’s General Counsel, announced that the SEC has dropped its appeal without any conditions, and Ripple has withdrawn its counter-appeal. $50 million of the fine will be held in escrow, with the remainder returned to Ripple. Currently, Ripple’s price has increased by 9% over the past week, reaching around $2.45. Visit the live digital currencies price page to track token prices in real-time.
