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Ripple Labs has reached an agreement with the SEC to delay the $125 million judgment, setting the stage for a possible appeal. The decision, issued on August 7, required Ripple to make the payment, but recent developments hint at further legal action.
Ripple Delays $125M SEC Judgment
The legal team representing Ripple Labs in their dispute against the SEC has asked to postpone the financial part of a decision that was issued on August 7th, which would have ordered the company to pay $125 million.
The attorneys representing Ripple stated in a document made on September 4 in the US District Court for the Southern District of New York that the SEC had consented to a motion to postpone the judgment's payment until after September 6.
Ripple to Deposit 111% of Judgment Amount
Until 30 days "after the time to appeal expires or the resolution of any appeal," the legal team suggested that Ripple deposit 111% of the judgment amount, or about $139 million, into a bank account.
The petition seemed to be setting the stage for a possible appeal by the SEC, according to Cointelegraph, because Ripple executives had previously praised the verdict from August 7. A "victory for Ripple," according to CEO Brad Garlinghouse, and "respect the $125 million fine," according to chief legal officer Stuart Alderoty, were the words used to describe the ruling by Ripple.
Judge Yet to Sign Delay Request
The request remained unsigned by Judge Analisa Torres, who is supervising the SEC v. Ripple lawsuit, as of publication.
The initial filing of Ripple's case with the SEC was in December 2020, and any appeal would indicate that the case was not yet concluded. "If the United States or an officer or agency of the United States is a party," means that either side has 60 days to submit an appeal, according to court norms.
Initially aimed at Garlinghouse and Ripple executive chair Chris Larsen, the SEC complaint claimed that Ripple utilized an unregistered security to obtain funds. The XRP token was determined by Judge Torres to not be a security in relation to exchange programmatic sales in July 2023.
XRP Value Sees Minor Increase Over 30 Days
In the last 30 days, the price of XRP has risen about 0.15%, reaching $0.56 at the time of posting.
