SEC Seeks $770 Million Settlement from Ripple Labs

The U.S. Securities and Exchange Commission (SEC) is demanding a substantial $770 million settlement from Ripple Labs. The SEC alleges that Ripple Labs violated Federal Securities Laws concerning its institutional sales of XRP, the company's cryptocurrency.

The unfolding development was revealed by pro-Ripple legal representative John Deaton during a discussion on CryptoLawUS TV. The situation now points towards an intricate negotiation process that will involve a meticulous examination of numerous documents and transactions before the final penalty fee is determined. Notably, Ripple's prominent figures, Brad Garlinghouse and Chris Larsen are expected to contest the fee, potentially potentially stretching the case's timeline into late summer next year.

Speculation is rife regarding a possible appeal by the SEC, under the leadership of Gary Gensler. This speculation has gained momentum in the wake of Judge Analisa Torres' final verdict and is further fueled by the SEC's refusal to appeal in a similar lawsuit involving Grayscale.