The decision, which marks the end of the historic case between Ripple and the SEC in the absence of an appeal, was announced by Judge Torres.
In the decision where Ripple was fined $125 million, XRP trading on exchanges was deemed legal.
Since the SEC's penalty request was $2 billion, the $125 million penalty was welcomed by the cryptocurrency market. There was an approximately 25% increase in the XRP price after the decision. The coin, which was traded at $ 0.50 before the decision, is at $ 0.63 at the time of writing this article.
However, there are strong predictions that the SEC will appeal the judge's decision in favor of Ripple in 2023.
Following the decision, Ripple officials and important names from the cryptocurrency market made some statements. Here are the latest statements of the authorities:
Ripple Chief Legal Officer Stuart Alderoty:
“A final decision. The court rejects the SEC's suggestion that Ripple acted recklessly and reminds the SEC that this case does not involve any allegations of fraud or willful wrongdoing and that no one suffered any financial harm. The SEC is seeking $2 billion in monetary damages.” We respect the court's $125 million penalty for some historic sales to sophisticated third parties.”
Ripple CEO Brad Garlinghouse:
“The SEC requested $2 billion, and the Court acknowledged that they overexerted their hands by reducing that request by ~94%. We respect the Court's decision and have the clarity to continue growing our company.
This is a victory for Ripple, the industry, and the rule of law. “The SEC's barriers to the entire XRP community have been removed.”
Journalist Eleanor Terrett:
“I might be being a little too optimistic in calling the case 'discontinued,' because I guess you can never rule out an appeal with this SEC, but the decision marks the end of the Ripple case at the district court level.”
*This is not investment advice.
