The U.S. Securities and Exchange Commission (SEC) has demanded a $770 million settlement from Ripple Labs, alleging violations of Federal Securities Laws related to the company's institutional sales of its cryptocurrency, XRP. This development was shared by John Deaton, the legal representative for XRP holders, during a discussion on CryptoLawUS TV.
Deaton anticipates an extensive negotiation process that will entail the examination of multiple documents and transactions before the penalty fee is finalized. Ripple's key figures, identified as @bgarlinghouse and @chrislarsensf, are projected to challenge this fee, possibly prolonging the case until late summer next year.
In spite of a previous denial for an interlocutory appeal, there is conjecture about a potential appeal by the SEC, under the leadership of Gary Gensler. This speculation arises in the aftermath of Judge Analisa Torres' final verdict and is fueled by the SEC's refusal to appeal in a similar lawsuit involving Grayscale.
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