Ripple Reaches $50 Million Settlement Agreement with SEC
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have officially reached an agreement that, if approved by a judge, will end a years-long legal dispute. According to the settlement agreement filed in New York on Thursday, both parties agreed to a $50 million fine, significantly lower than the SEC's initial demand of $2 billion, and also part of the $125 million fine ruled by Southern District Court Judge Analisa Torres last year. The agreement confirms the "principle settlement agreement" announced by Ripple in March. In 2023, Judge Torres ruled that Ripple violated securities laws when selling XRP to institutional investors, but did not violate securities laws when listing XRP on exchanges for retail purchase. The case began in 2020, initiated by then-SEC Chairman Jay Clayton. Both parties have agreed to withdraw their respective appeals. This settlement comes as the "SEC fully retracts a series of crypto investigations and lawsuits initiated under former Chairman Gary Gensler." After Trump took office and appointed "pro-crypto Paul Atkins as the new chairman," the SEC's attitude towards crypto regulation has undergone a significant shift. Driven by the news, XRP rose 9% on the day.
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