Ripple Labs Requests to Stay Monetary Portion of $125M Judgement by SEC

The move hints at a possible SEC appeal, despite Ripple executives celebrating the August 7 ruling.

Ripple Labs Inc is seeking to delay paying $125 million in monetary penalties that a federal judge ordered the crypto firm to pay over the sale of XRP, a digital asset that the U.S. Securities and Exchange Commission (SEC) had deemed to be an unregistered security.

In a 4 Sept. filing in the U.S. District Court for the Southern District of New York, Ripple's legal team stated that the SEC had agreed to a request to delay payment of the judgment after 6 Sept. The regulatory body proposed that Ripple deposit 111% of the judgment amount, which totals around $139 million, into a bank account until 30 days “after the time to appeal expires or the resolution of any appeal.”

The development hints at a possible SEC appeal, despite Ripple executives celebrating the August 7 ruling. At the time, Ripple CEO Brad Garlinghouse called it a “victory for Ripple,” and chief legal officer Stuart Alderoty stated that the company would honor the $125 million fine.

Pending court approvalAt the time of publication, Judge Analisa Torres, who is overseeing the SEC v. Ripple case, had not yet ruled on the request. If an appeal does occur, it would indicate that the legal battle, which began in December 2020, is not yet over.

The SEC's complaint alleged that Ripple, through its executives, engaged in the offering and sale of XRP as part of a common enterprise from at least 2013 to March 2019, and that these transactions were not registered with the regulator.

In July 2023, Judge Torres ruled that XRP was not a security concerning sales on exchanges, a decision that the SEC could appeal. However, the judge found that the regulatory body had proven that XRP sales outside of exchanges were part of a common enterprise led by Ripple executives.

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