SEC and Ripple Settle XRP Lawsuit With $50 Million Payment, Dropping Appeals Pending Court Lifting Injunction

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have reached a settlement in their long-standing lawsuit concerning the XRP cryptocurrency. According to a joint motion filed in the U.S. District Court for the Southern District of New York, Ripple will pay $50 million, which is less than half of the original $125 million penalty initially imposed. The settlement agreement includes provisions for both parties to drop their appeals if the court agrees to lift the injunction related to the case. The SEC has formally filed the settlement agreement letter, signaling the closure of the case. Ripple executives Brad Garlinghouse and Chris Larsen are also part of the settlement. Despite earlier uncertainty when Ripple claimed the SEC withdrew its appeal without confirmation, the recent filings confirm the resolution of the dispute. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant