SEC Requests $770 Million Fine From Ripple

Ripple, a major blockchain company, won a big legal case against the US Securities and Exchange Commission (SEC) recently. On October 23, Judge Analisa Torres said that the SEC's complaints against Ripple's leaders, Brad Garlinghouse and Christian Larsen, were not right.

But the victory is not the end. The SEC now wants Ripple to pay $770 million to finish the case about XRP tokens.

John Deaton, a lawyer for XRP users, said on October 26 that Ripple and the SEC probably haven't talked seriously about settling the case. After losing, the SEC is angry and embarrassed, and wants $770 million worth of flesh Deaton noted.

Deaton described the current stage as a “penalty phase,” almost like starting a new case. The SEC wants a lot of information and papers from Ripple. The SEC hopes to close the case with the $770 million payment. But Ripple wants to pay much less by making some changes, like not counting some transactions and cutting costs.

The final decisionfrom Judge Torres might come in 2024's summer. Deaton believes it might take another year after that for an appeal. During this time, Ripple might spend many millions of dollars trying to lower the fine.