Judge Approves Ripple Request To Stay $125 Million SEC Penalty, Company Signals No Appeal Plans

Ripple's $125 Million Penalty Paused, Stablecoin Plans Proceed

A New York District Judge has approved Ripple Labs' request to pause the $125 million penalty imposed in the company's ongoing lawsuit with the US Securities and Exchange Commission (SEC).

Judge Analisa Torres of the Southern District of New York granted the order, giving Ripple and the SEC time for appeals.

Despite the pause, Ripple executives, such as CEO Brad Garlinghouse, have stated their intention not to appeal. Garlinghouse hailed the ruling as a "victory for Ripple," while Ripple's legal officer, Stuart Alderoty, confirmed the company's acceptance of the fine.

The stay in the Ripple SEC case will last for 30 days after the expiration of the appeal period or the resolution of any appeal.

Former SEC lawyers have advised Ripple to file a cross-appeal to avoid the implication of owing $125 million.

Ripple's Stablecoin Plans

Amid the ongoing legal case, Ripple continues to expand its product offerings. In a fireside chat at Korea Blockchain Week, Garlinghouse announced that the company's stablecoin is nearing launch. The USD-pegged token will trade under the ticker RLUSD.

RLUSD has undergone private beta testing and is set to launch on both the Ethereum blockchain and Ripple's XRP Ledger. It will adhere to the ERC-20 token standard for compatibility with DeFi protocols.

The company has also added EVM-compatibility to the XRP Ledger, enabling developers to build decentralized applications and tokens on the platform.