While the legal battle Ripple vs dry approaches its next important deadline on August 15, questions and rumors again flood social media. Is Ripple already in clear? Did the company discreetly paid its fine of $ 125 million and abandoned the call?
A social media user recently said that Ripple had already paid the fine and announced that he would not appeal the decision of judge Analisa Torres on the injunction. They also asked why the SEC had not held an official vote or had publicly declared if he would appeal the court’s decision.
The former SEC lawyer establishes the right record
In response to confusion, the former dry lawyer Marc Fagel intervened to offer a certain clarity. According to him, Ripple has not yet paid the fine. The penalty of $ 125 million was placed in a receipt account following the tribunal of the court last year. He will remain in this receipt account, which is controlled by the Ripple legal team, until Ripple and the dry officially reject their calls. It is only then that money will be released and transferred to the American Treasury.
Fagel explained that this is a normal legal process. He added that there is not yet a sign that Ripple or the SEC has officially submitted dismissal documents. Ripple may have publicly declared that he “abandons” the call, but that does not mean that the process is over. Ripple could wait to coordinate with the dry and the two parties will probably deposit a joint dismissal at the same time.
Why did Ripple lose the argument of the injunction?
As for why Ripple failed in his attempt to reduce the fine or cancel the injunction, Fagel explained that Ripple had tried to take a legal shortcut that did not work. The company argued that the sanction should be reduced, but the court has not found this argument sufficiently strong. As a result, the original penalty was held.
For the moment, the $ 125 million remain intact in sequestration, and the case is not fully completed as long as the two parties officially reject their calls.
