Ripple’s $50M Mea Culpa: SEC Saga Nears Its Denouement 🤑🚫

by

It appears the protracted and downright vexing ordeal between Ripple, the esteemed blockchain company, and the U.S. Securities and Exchange Commission (SEC) is finally nearing its long-awaited conclusion, much to the relief of all parties involved, one dares presume. 😌

Stuart Alderoty, Ripple’s chief legal officer of unimpeachable character, took to the social media platform X (because, in this modern era, where else would one share such tidings?) to announce the impending termination of the appeal against the SEC, thereby bringing a semblance of closure to this interminable saga. 📱

This development, replete with all the drama of a Shakespearean finale, follows the SEC’s recent decision to graciously drop its lawsuit, initially filed in the winter of 2020, against the San Francisco-based firm, which had been the subject of much speculation and hand-wringing amongst the crypto cognoscenti. ❄️

“The final, tedious crossing of t’s and dotting of i’s – and what should, by the blessings of the heavens, be my last update on SEC v Ripple ever… Last week, the SEC, in a gesture of goodwill, agreed to drop its appeal without conditions. Ripple, in a display of gracious acquiescence, has now agreed to drop its cross-appeal.” 🙏

And now, the pièce de résistance: Ripple, with a deep breath and a lighter purse, shall pay a mere $50 million of the originally stipulated $125 million fine, imposed by the US District Court for the Southern District of New York in August for the firm’s alleged transgressions regarding the sale of the XRP token. A small price to pay, one might argue, for the liberty to conduct business without the Sword of Damocles hovering above. 🤑

“The SEC, in its benevolence, shall retain $50M of the $125M fine (already safely ensconced in an interest-bearing escrow, in cold, hard cash), with the balance returned to Ripple, no doubt to be used for more virtuous pursuits. The agency, in a final act of magnanimity, shall also request the Court to lift the standard injunction, previously imposed at the SEC’s behest.” 🙌

Crypto in America’s erudite host, Eleanor Terrett, astutely observes that only a few trifling formalities remain to be fulfilled before this weary case can be relegated to the annals of history. 📚

“Once all of this has been duly voted upon by the Commission, and the court documents are in order, the SEC vs. Ripple case, that most tiresome of legal wrangles, shall be over, once and for all, much to the unbridled joy of all concerned, one dares hope.” 🎉

Read More

2025-03-27 20:02