On Thursday, the US Securities and Stock Exchange Committee (SEC) announced a settlement agreement with Ripple Labs, Inc. Its executives Bradley Garlinghyus and Christian Larsen.
This step is likely to finish long -term civil enforcement procedures provided in December 2020.
Under the terms of the agreement, SEC and Ripple will ask the boycott court to consider a judicial solution imposed in a ruling in August 2024 and the launch of the money detained in the guarantee.
The guarantee account currently holds a civil penalty worth $ 125 million, which will be paid $ 50 million to the Supreme Education Council, with the rest back to Ripple.
The Supreme Education Council explained that in the event that the court indicates that it will agree to these steps, the parties will then seek a limited detention to officially secure relief, and then plan to refuse to appeal the offered in the second circle.
SEC explained that its settlement decision was not dependent on the advantages of the issue, but it was aimed at enhancing its broader regulatory goals in the encryption sector.
SEC stated that “”Such a decision will facilitate the ongoing efforts of the committee to reform and renew its organizational approach to the encryption industry, and not about any evaluation of the benefits of alleged claims in the case. “