Ripple Seeks Stay of Monetary Judgement After SEC Consent

Ripple, the blockchain technology company, has recently made a significant legal move in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). In a letter filed with the court, Ripple requested a stay of the monetary portion of the judgment entered on August 7, 2024. This latest development comes as the company navigates the complexities of the legal dispute with the SEC. 

James K. Filan, a well-known figure in the cryptocurrency community, shared this update on his X account (formerly known as Twitter), shedding light on Ripple's legal manoeuvre. According to Filan, the SEC has consented to Ripple's request for a stay, marking a notable development in the case. 

The decision to seek a stay of the monetary judgement indicates Ripple's efforts to manage its legal obligations while the broader legal proceedings unfold. Ripple's actions and the SEC's response will be closely watched considering evolving cryptocurrency regulations. 

As the legal saga between Ripple and the SEC continues to unfold, stakeholders eagerly await further developments that will shape the future of Ripple and potentially influence the broader cryptocurrency regulatory environment. "Ripple Requests Stay of Monetary Judgement Following SEC Consent" 

Ripple vs SEC Legal Battle: SEC Lowers Demand from Billion to Million

The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) seems to be taking a new turn as the SEC has significantly reduced its demand from $2 billion to $ 102.6 million. This drastic reduction in the SEC's claim raises questions about the future of the case and the possible implications for both parties involved. 

Recent updates from James K. Filan on X (formerly known as Twitter) revealed significant developments in the case. Ripple filed a Notice of Supplemental Authority regarding Terraform Labs Consent Judgment on June 13, 2024. Additionally, on June 15, 2024, James K. Filan shared that the SEC responded to Ripple’s letter concerning the Terraform Labs Consent Judgment, indicating an escalation in the legal proceedings. 

Stuart Alderoty also shared updates on the matter, stating that Ripple defended itself by "agreeing to nothing" and emphasizing that the court ruled that XRP is not a security. Furthermore, it was highlighted that there are no "victims" to compensate, and Ripple continues to thrive despite the legal challenges. The revelation that the SEC has abandoned its initial demand for $2 billion further adds to the case's complexity. 

As the saga unfolds, the drastic shift in the SEC's claim and the recent court rulings indicate a potential shift in the dynamics of the legal battle. The implications of these developments and their impact on the future of Ripple and the broader cryptocurrency industry remain to be seen.