• Ripple’s legal team requested a stay on the judgment and proposed depositing 111% of the settlement amount into a bank account.

• The Ripple-SEC crypto crackdown has rocked the foundation of XRP, forcing Ripple to take strategic action to counteract the negative impact on prices.

• The case continues to evolve, with potential appeals and broader implications for crypto regulations and market stability.

The Securities and Exchange Commission has appeared in many highlights over its crypto crackdown. Over the years, these regulatory bodies have batted with crypto companies over unregistered securities, illegal offerings, and violating existing but vague crypto laws.

Amid its crypto crackdown efforts, the Ripple Vs. The SEC case’s outcome has resurfaced again after a verdict on August 7. According to this latest update, Ripple has recently hinted at an appeal over the court’s $125 million settlement agreement.

The crypto tian’s lawyers have requested that the court place 111% of the monetary judgment into a bank account to obtain a stay.

Ripple Vs. SEC Crypto Crackdown is entering its final phase.

The SEC ruling on XRP initially became the street gossip back in 2020 when the regulatory body alleged that XRP fell under the act of security. This meant that Ripple had been conducting an illegal securities offering by selling XRP to investors without registering it.

At the time, cryptocurrency had landed on the top pages of investors and scammers. The crypto community was torn between those who sought safety and freedom.

The former claimed the crypto crackdown, the SEC ruling on XRP, and the establishment of crypto regulations were must-have components to protect users against scammers.

The latter argued that the crypto crackdown was nothing more than a phrase to introduce a control system to a franchise built to oppose such archaic systems. Ripple reticulated and argued that XRP fell under the digital asset category and did not meet the criteria for security under the Howey test.

The SEC ruling on XRP caused quite a blow to Ripple. Several exchanges listed the digital token, significantly affecting its token pricing. This forced the organization to drastically expand its horizon, leading to new partnerships, events, and initiatives to salvage XRp.

On August 7, 2024, the District Court issued an order requiring Ripple to pay $125,035,150.00 to the SEC  as a civil penalty.

Also, Read Ripple Exchange Faces Cyber Nightmare: $112 Million Stolen in Historic Hack.

Many thought about the outcome of the Ripple SEC case, but Ripple still had some fight left to it. The legal team defending Ripple Labs recently requested to stay the Judgment’s monetary portion.

As per the September 4th filing in the  US District Court for the Southern District of New York, Ripple’s lawyers stated that the SEC had agreed to a request to delay payment for the judgment after September 6.

The lawyers then proposed that the exchange placed 111% of the judgment amount, $ 139 million, into a bank account for 30 days.

According to experts, the filling may be an attempt for a potential appeal of the verdict. Riple Ceo Brad Garlinghouse stated that the decision was a victory for Ripple, ending the 4-year SEC ruling on XRP.

The Chief Legal Officer, Stuart Alderorty, said the organization would honor the $125 million fine.

Despite the cheers, the court’s verdict is still pending. Judge Analisa Torres, the overseer of the Ripple SEC case outcome, has yet to sign off on the request.

If the appeal is approved, the crypto crackdown on Ripple will still be in some fight. Court guidelines dictated that the other side has 60 days to file an appeal if the United States or an officer or agency of the United States is a party.

Ripple Stands Tall Despite Crackdown

Ripple has managed to maintain its composure and status within the crypto community. The SEC’s consideration of XRP as an unregistered security affected the organizations significantly.

To counter this, Ripple has gone above and beyond to increase its reach and accessibility while still battling the legal charges. Amid the first announcement of the case, Ripple reached out to BreadWallet(BRD), an upcoming crypto wallet, introducing XRP to BDR’s clientele and network. This increased accessibility of XRP expanded its use on a global scale.

In addition, the organization sought to counter the attack on its token by increasing its adoption rate and use towards the economy. Within the same year, Ripple worked with the government of Palaue to create stablecoins to improve cross-border payment.

Also, Read Ripple Exchange Faces Cyber Nightmare: $112 Million Stolen in Historic Hack.

This tactic eventually pads off, attracting other potential collaborations with entities like the Central Bank of Bhutan, GME Remittance, Novatti, and many more.

Crypto laws have affected the entire franchise, not just Ripple. Other crypto titans like Binance, Coinbase, and Kraken have all talked with the regulatory giant, forcing many to abandon the US region.

The Ripple-SEC case has continued to captivate the globe, witnessing as it prolonged. In 2023, Judge Torres ruled that the XRP token was not a security regarding programmatic sales on exchanges. However, this verdict lasted briefly as the regulatory framework continued its relentless pursuit to safeguard its citizens against crypto scams.

At the time of publication, The price of XRP is at $0.55