Ripple Vs. SEC Battle Update: Lawsuit Officially Over As $125M Receipt Of Payment To Regulator Surfaces | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Former SEC lawyer Marc Fagel has revealed that the $125 million monetary penalty in the Ripple Vs. SEC case has been paid to the U.S. Treasury. This officially ends the long-running legal battle between the crypto firm and the regulator

###Ripple Vs. SEC Case Ends As Crypto Firm Pays Monetary Judgment

In an X post, Fagel confirmed that the $125 million penalty in the Ripple vs. SEC case was paid to the U.S. Treasury last month. He shared a letter addressed to Judge Analisa Torres, which stated that both parties had agreed to the release of the funds from escrow for the crypto firm to pay the full court-ordered penalty plus statutory interest

Related Reading: Pro-XRP Lawyer Blasts SEC Lead Counsel In Ripple Case Following ConclusionFurthermore, the letter revealed that the SEC had provided the appropriate wire transfer instructions after which Ripple directed the bank to make the payment, and the bank confirmed that the agreed amount had been released. Meanwhile, the balance of the fund was returned to the crypto firm, with all these procedures formally ending the Ripple vs. SEC case

Source: Document from Marc Fagel on XNotably, this payment follows the Court of Appeals’ approval of both parties’ motion to dismiss their respective appeals in the Ripple vs. SEC case last month. The $125 million had been kept in escrow around the time when Ripple and the SEC filed their appeals. The crypto firm had asked for this as an injunction to prevent having to pay the SEC while the appeal was ongoing, since there was the possibility of the sum being reduced

The appeal didn’t proceed as planned, as the emergence of a pro-crypto SEC administration following Trump’s return to the White House led to a settlement between both parties. However, Judge Torres opted against adopting the settlement agreement and ordered that Ripple must still pay the $125 million penalty. Both parties agreed to dismiss their respective appeals in the Ripple vs. SEC and simply adhere to Judge Torres’ judgment

###Lawsuit No Longer Responsible For Price Action

In an X post, legal expert Bill Morgan remarked that the Ripple vs. SEC lawsuit excuse has run its course for any further lack of XRP adoption or flat price action. Basically, the lawsuit cannot be held responsible if the XRP price underperforms moving forward. The altcoin had rallied to as high as $3.4 following the joint motion to dismiss the case, but has traded below this level since then

Related Reading: XRP Marks Another Win As SEC Approves Grayscale’s GDLC ETFThe XRP price is currently on a downtrend amid the broader crypto market correction. Morgan pointed out that the current XRP decline is due to the heavy correlation with Bitcoin. This came as he made light of the fact that the altcoin has been down during this period despite several bullish fundamentals that have emerged

At the time of writing, the XRP price is trading at around $2.87, down in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $2.86 on the 1D chart | Source: XRPUSDT on Tradingview.comFeatured image from Getty Images, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.