Ripple requests stay of $125 million SEC fine

Odaily News In the lawsuit filed by the U.S. SEC against Ripple Labs, Ripple's legal team requested a stay of execution of the August 7 ruling requiring it to pay $125 million. In a document filed with the Federal District Court for the Southern District of New York on September 4, Ripple's lawyers stated that the SEC has agreed to postpone the payment of the judgment until after September 6. Ripple proposed to deposit 111% of the judgment amount, approximately $139 million, into a bank account until the expiration of the appeal period or within 30 days after any appeal is resolved. At present, the judge in charge of the case, Analisa Torres, has not approved the request. Ripple CEO once called the August 7 ruling "a victory for Ripple" and said the company would "respect the $125 million fine." (Cointelegraph)