The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has taken another significant turn with a recent court ruling. The court granted the SEC’s request for remedies, including an injunction to prevent Ripple firm from further violations of securities laws, and imposed substantial civil penalties.
Fox News reporter Eleanor Terrett reached out to the SEC body for their reaction to the latest court ruling.in the XRP lawsuit.
A spokesperson from the Securities regulatory body stated that the court had issued severe penalties, including a fine twelve times larger than what Ripple had suggested. The court also highlighted what it described as “the egregiousness of Ripple’s conduct” and emphasized the seriousness of their violations.
NEW: I reached out to the @SECGov for comment on the @Ripple ruling and a spokeswoman gave me this statement:
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“The Court granted the SEC's motion for remedies including an injunction barring Ripple from committing additional violations of the securities laws and significant… https://t.co/TC2xk7pBD2
— Eleanor Terrett (@EleanorTerrett) August 8, 2024
Ripple, on the other hand, is celebrating the outcome as a win, noting that the final penalty is significantly less than the initial amount the SEC body had proposed.
All these reactions by both the parties is a sign that both sides seem satisfied with the court ruling, each believing they gained the upper hand in the legal battle.
News reporter Terrett speculated that neither party is likely to appeal the court’s decision regarding the remedies. However, she suggested that the SEC might consider appealing the earlier July 2023 ruling now that the final judgment has been reached.
XRP price action
The current trading price of the XRP coin is $0.5868, reflecting a 31% increase over the last 30 days. The price chart clearly shows that the token’s value surged significantly after the recent court ruling.
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