Ripple Labs Inc. has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a reduced fine of $50 million, down from the previously imposed $125 million. This agreement comes after the SEC decided to drop its appeal without conditions, and Ripple has agreed to drop its cross-appeal, as announced by Ripple's Chief Legal Officer Stuart Alderoty. The settlement includes the SEC retaining $50 million of the fine, which was already held in an escrow account, with the remaining $75 million to be returned to Ripple. Additionally, the SEC will request the court to lift the standard injunction currently in place against Ripple. The case, which began in December 2020 when the SEC accused Ripple of conducting an unregistered securities offering through sales of XRP, has been a significant legal battle under the leadership of former SEC Chair Gary Gensler. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
