SEC vs. Ripple: The Saga Ends with $50M Fine and a Twist!

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Lo and behold, Ripple, the rebel of the crypto world, has decided to sheathe its sword and call it a day with the U.S. Securities and Exchange Commission (SEC). According to Ripple’s chief legal knight, Stuart Alderoty, the company has waved the white flag on its appeal. 🏳️

Just when we thought the battle was over, with the SEC dropping its case against Ripple like a hot potato, Ripple has confirmed it’s dropping its counter-appeal. It’s like a dramatic soap opera where everyone decides to hug it out in the end. 😂

In a riveting post on X, Alderoty declared both parties had not only agreed to bury the hatchet but also to slice the original $125 million penalty down to a mere $50 million. “The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever,” Alderoty penned, possibly while sipping a celebratory espresso. ☕️

“The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple,” he added, as if casually discussing the outcome of a friendly poker game.

And just when you thought the plot couldn’t thicken any further, the SEC is set to request Judge Analisa Torres to lift the standard “obey the law” injunction on Ripple. A move so bold, it’s as if they’re saying, “Let’s pretend this never happened.” 🤐

The Plot Thickens

But hold your horses! These agreements are not yet etched in stone. They’re subject to a vote by the Commission and require final documentation and other court formalities. Once all is said and done, the Ripple versus SEC saga, which kicked off in December2020, will finally draw its curtains. 🎭

This latest twist comes as the SEC does a complete180°, following the exit of former chair Gary Gensler. The regulator seems to be hitting the brakes on its crusade against Ripple and others. Under new interim chair Mark Uyeda, the SEC has been dropping investigations and closing lawsuits faster than a magician pulls rabbits out of a hat. 🎩✨

Marked by a more pro-innovation stance, this new direction is a breath of fresh air, moving away from the regulation-by-enforcement approach of yore. Among the changes: roundtable meetings by the Crypto Task Force, now led by Commissioner Hester Peirce, who’s like the cool aunt of the crypto family. 😎

Meanwhile, U.S. President Donald Trump’s pick for new SEC Chair, Paul Atkins, is expected to take the helm in the coming weeks. Will he steer the ship into calmer waters or set sail for stormier seas? Only time will tell. ⏳🌊

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2025-03-25 21:56