Judge Approves Ripple Request To Stay $125 Million SEC Penalty, Company Signals No Appeal Plans
A New York District Judge approved a request by Ripple Labs to pause the $125 million penalty imposed in the company’s ongoing lawsuit with the US Securities and Exchange Commission (SEC). The order, signed by Judge Analisa Torres of the Southern District of New York, grants both Ripple and the SEC additional time to appeal the recent ruling. Despite the pause, Ripple executives, including CEO Brad Garlinghouse, have indicated they have no plans to appeal the decision. Garlinghouse hailed the ruling as a “victory for Ripple,” while the company’s legal officer, Stuart Alderoty, confirmed that Ripple would “respect the $125 million fine.” The stay in the Ripple SEC case will last for 30 days after the time the appeal expires or the resolution of any appeal in the case. The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to co...