The 2020 case of US Securities and Exchange Commission has officially ended against Ripple Labs, when both sides informed the second circuit court of the appeal That they were voluntarily rejecting their respective appeal Decision of 2023 in the case.
SEC and Ripple will tolerate each of their costs, the filing said on Thursday. The joint stypelation ends the legal battle between SEC and Ripple that began in 2020, which sues Ripple under former president J Clayton in 2020 (Which now runs the US Attorney Office for the Southern District of New York) Alleging that securities laws were violated through the sale of XRP, closely associated with the token company.
XRP jumped 5% after Thursday’s filing, traded about $ 3.27 as press time.
Following the decision of a District Judge in 2023, SEC filed an appeal in 2024, stating that Ripple made the XRP available to retail traders through exchanges, while Ripple cross-appealed to maintain his arguments in the case.
The parties agreed to give up their respective appeal in June, Riple CEO Brad Garlinghouse said at the time, except for the punishment of District Judge Analyssa Torres. These punishments were tied to find out that Ripple had violated security laws in selling XRP to institutional traders, and fined $ 125 million and a permanent prohibition against further violations of the law.
Donald Trump stopped their appeal earlier this year after Donald Trump withdrew the post and set up a new leadership in the agency. The SEC has demolished more than a dozen cases and investigation in crypto companies over the last few months.
The parties attempted to negotiate these punishments, but several attempts were dismissed by judge Torres on procedural and other concerns.
