XRP Lawsuit Update: Ripple's $125 Million Fine Successfully Postponed

Bittime - Drama Ripple Labs battle with the US Securities and Exchange Commission (SEC) continues. Amidst widespread speculation about the possibility that the SEC would not appeal, Ripple Labs took a strategic step by delaying payment of the $125 million (around IDR 1.92 trillion) fine imposed on them.

This decision came after the SEC signaled that it would appeal the court ruling on August 7, which largely sided with Ripple. Ripple's move adds tension to a case that has been in the spotlight of the crypto industry for years.

Ripple Payments Suspended

On September 4, Ripple's legal team managed to get approval from the SEC to postpone payment of the $125 million fine until after September 6. 

They submitted a proposal to deposit $139 million (around Rp. 2.14 trillion), representing 111% of the verdict amount, into a bank account for 30 days. This step gives both parties time to assess their next steps in the case.

Read also: Latest Ripple XRP News Update, Post Clash with SEC

Judge Analisa Torres has approved Ripple's request to hold the $125 million fine in a bank account while the SEC decides its next steps. This decision provides an opportunity for Ripple and the SEC to appeal or respond to an important ruling regarding XRP programmatic sales.

Although Ripple previously stated it would not appeal, experts argue that it may still need to do so to avoid receiving a $125 million fine. 

Meanwhile, Fred Rispoli, a lawyer supporting XRP, estimates that a decision on the SEC's appeal may not come until 2026. He also predicts there is an 80% chance that the SEC will drop the appeal if Hester Peirce becomes SEC Chair.

On the other hand, Stuart Alderoty, Ripple's Chief Legal Officer, remains optimistic that the appeal will not drastically change the outcome of the case. He believes the SEC only has a 10% chance of overturning the decision on appeal.

XRP Price Also Affected

This continued legal uncertainty has impacted the price of XRP. Currently trading at $0.53 (around Rs 8,264), XRP has lost all its recent gains.  Even so, XRP trading volume also increased 7% in the last 24 hours. 

Read also: XRP Price Analysis: Is There a Potential Bullish Signal?

In the coming months, Ripple and the SEC will need to decide on their legal strategy. The crypto sector is closely watching the possibility of a threatening appeal. 

XRP holders are eagerly awaiting a resolution that could significantly impact the crypto market. The SEC has until October 6 to challenge the August 7 ruling, and the XRP community remains wary.

The case continues to make headlines in the crypto industry, not only because of its impact on Ripple and XRP, but also because of its potential to shape the future crypto regulatory landscape. 

For investors and industry observers, developments in this case will continue to be an important barometer in assessing the future direction of cryptocurrency regulation and adoption.

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