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Marc Fagel, a former official with the SEC, has disclosed that Ripple has completed its financial settlement in the XRP lawsuit, marking a move by the cryptocurrency company to move past its legal troubles and concentrate on growth.
Ripple Settles $125 Million Penalty in Cash with SEC
In a recent post on X, Marc Fagel clarified that Ripple has already fulfilled its $125 million payment to the SEC. This statement emerged during discussions about whether the monetary settlement would be made using XRP tokens. Fagel confirmed that the entire sum was paid in cash, countering any speculation otherwise.
Related Topic: Ripple Vs. SEC: Insights from a Former SEC Lawyer on the Lawsuit’s Delay
XRP enthusiast Savant speculated that the US government’s Bitcoin sales were paving the way for Ripple to pay its fine using XRP, which would then be kept in reserve. However, this scenario seems improbable. According to Fagel, the court mandated Ripple to make the payment, a condition the company has already met by placing the funds in escrow during the appeal process.
Fagel indicated that both parties are close to withdrawing their appeals, which will activate the court’s directive, transferring the penalty to the SEC. He also mentioned that the Commission would not accept payment in XRP unless specified by a court order.
Ripple has announced its intention to withdraw its cross-appeal against the SEC, with the Commission expected to follow suit. Once the Commissioners agree, both parties will motion to dismiss the appeals, concluding the XRP lawsuit.
Uncertainty Surrounds SEC’s Appeal Withdrawal Timeline
Fagel noted the unpredictability regarding when the SEC might decide to drop its appeal against Ripple. Typically, the Commission takes one to two months to vote on enforcement actions, but the timeline is unclear since Judge Torres did not provide an indicative ruling. Some cases are expedited, and the XRP lawsuit could be among these, given the Commission’s eagerness to resolve it. As part of their agreement, the SEC agreed to collect only $50 million of the initial $125 million fine.
As of now, XRP is trading at approximately $3.6, reflecting a 17% increase in the last 24 hours, according to CoinMarketCap data.
