Editor's PiCK
US SEC Submits Settlement Agreement in XRP Lawsuit to Court, Ending Legal Dispute
Summary
- The U.S. SEC announced that it has concluded its legal dispute with XRP through a settlement, reducing the fine from $125 million to $50 million.
- The SEC stated that it will request the lifting of the sales ban on XRP.
- It was reported that this settlement has resolved the legal uncertainty surrounding XRP in the United States.
On the 8th (local time), former federal prosecutor James K. Filan announced via X (formerly Twitter) that the U.S. Securities and Exchange Commission (SEC) has submitted a settlement agreement to the court regarding its legal dispute with XRP.
According to the main terms of the settlement, the SEC has reduced the fine imposed on XRP from the original $125 million to $50 million, and both parties have agreed to withdraw their appeals and conclude the dispute.
As a result, the SEC is expected to request the court to lift the sales ban on XRP.
Previously, the court had issued a summary judgment stating that XRP sold to general investors through programming does not constitute a security, but sales of XRP to institutional investors do violate securities laws.
This settlement is seen as effectively resolving the long-standing legal uncertainty surrounding XRP in the United States.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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