Ripple Seeks to Delay $125 Million Payment in SEC Case
05.09.2024 15:00 1 min. read Alexander Stefanov
The legal team defending Ripple Labs against the U.S. Securities and Exchange Commission (SEC) has requested a stay of the monetary portion of the judgment requiring Ripple to pay $125 million.
The motion, filed Sept. 4, seeks a stay of payment and proposes that Ripple deposit 111 percent of the amount – about $139 million – into a bank account.
That deposit will be forfeited until 30 days after the appeal period expires or any appeal is resolved.
The Securities and Exchange Commission (SEC) agreed to this request, signaling the possibility of an impending appeal.
Although the August 7 ruling was hailed as a “victory” by Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderotti, current developments suggest the case may not be fully resolved.
Judge Annalisa Torres has not yet approved the request for a stay, and both parties have 60 days to file an appeal.
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