coinculture.com
Ripple Labs’s has requested to stay the monetary portion of an Aug. 7 judgement requiring the firm to pay $125 million in a case filed by the United States Securities and Exchange Commission (SEC).
In a Sept. 4 filing in the US District Court for the Southern District of New York, the team said that the SEC had agreed to a request to delay payment of the judgement after Sept. 6. The authority proposed that Ripple place 111% of the judgement amount, roughly $139 million, into a bank account until 30 days “after the time to appeal expires or the resolution of any appeal.”
This move hints at a possible SEC appeal, despite Ripple executives celebrating the August 7 ruling. Ripple CEO Brad Garlinghouse called it a “victory for Ripple,” and chief legal officer Stuart Alderoty stated the company would honour the $125 million fine.
Pending court approval
At the time of publication, Judge Analisa Torres, who oversees the SEC v. Ripple case, had not decided on the request. If an appeal occurs, it would indicate that the legal battle, which began in December 2020, isn’t over.
The SEC’s complaint had accused Ripple of using XRP as an unregistered security. In July 2023, Judge Torres ruled that XRP was not a security concerning sales on exchanges.