The legal conflict between Ripple and the US Securities and Exchange Commission (SEC) persists, notwithstanding a pivotal order by Judge Analisa Torres on August 7.
Ripple requested an extension for the $125 million penalty for breaching securities regulations, originally scheduled for payment by September 6.
The SEC is currently assessing the possibility of contesting the order, and legal commentator Fred Rispoli posits that compelling Ripple to make a payment at this juncture could be detrimental if the SEC fails in an appeal. If Ripple settles the fine and the SEC’s appeal is unsuccessful, the Commission may be obligated to reimburse Ripple, including interest.
Ripple’s executives, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, have indicated that they do not intend to appeal, perceiving the verdict as a victory in their quest for legal clarification about XRP.
The company’s persistent conflict with the SEC has compelled it to advocate for a more advantageous regulatory framework for the cryptocurrency sector. Chris Larsen, co-founder of Ripple, was one of 88 business executives that endorsed Democratic presidential candidate Kamala Harris.
Stuart Alderoty has endorsed Republican candidate Donald Trump by donating $300,000 to his campaign, which is thought to be associated with Trump’s pro-cryptocurrency position and his commitment to dismiss SEC Chair Gary Gensler if elected.
