Summary
- Ripple Labs reported that they may pay the SEC fine in XRP.
- They stated that paying the fine in XRP could lead to it being recognized as a legal asset, potentially causing a price surge.
- The final decision is scheduled for April 16, and there's a possibility the case could be dismissed when a new SEC chairman takes office.
A claim has emerged that Ripple Labs may pay the fine imposed by the U.S. Securities and Exchange Commission (SEC) in XRP rather than cash.
According to cryptocurrency media The Coin Republic on the 8th, Jeremy Hogan, a lawyer known to be pro-Ripple, said, "Ripple could find legal grounds to pay the $125 million fine in XRP." Attorney Hogan cited the precedent of the Willard Taylor ruling, where a U.S. court ruled after the Civil War that contract amounts should be paid in gold rather than dollars.
The media outlet noted, "If Ripple pays the fine in XRP, it could become an opportunity for XRP to be recognized as a legal asset in the U.S., which could lead to a surge in price," but added, "The SEC would have to agree to receive the fine in XRP for this to become a realistic possibility."
Previously, a U.S. court ruled that Ripple must pay a $125 million fine to the SEC. The legal battle between Ripple and the SEC is awaiting a final decision on April 16. Industry observers suggest that there is also a possibility the case could be dismissed when a new SEC chairman takes office.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
