Long legal battle between Ripple and US Securities and Exchange Commission for years (Sec) Brad Garlinghouse, CEO of Ripple Labs, announced on Friday that the company planned to leave its cross-appeal in the case, after all, it appears that the end has ended.
“Ripple is leaving our cross appeal, and SEC is expected to give up their appeal, as he said earlier,” Garlinghouse Xe“We are closing this chapter once and for all, and focusing on whether the most important is the construction of the Internet. Lock in.”
A modest 1.4% climbed on XRP news.
This decision came just a day after New York in the southern district of American District Judge Analyssa Torres. (Sdny) To approve a proposed settlement agreement, a joint request from SEC and Ripple dismissed a joint request, which would bring Ripple’s punishment to $ 50 million and dissolve permanent prohibitory orders against the firm. It was the latter which appeared as a point sticking for the torres, who argued:
“In fact, if the court should not be concerned about the ripple that violates the law, then why do the parties want to eliminate the prohibition that tells Ripple, ‘Follow the law’?” “When the court imposed prohibitory orders, it did this because it was a ‘reasonable possibility’ that the ripple would continue to violate the laws of federal securities. It has not changed, nor does the parties claim that it is.”
The second request slapped by a joint request Torres was the second request that rejected an earlier attempt in May, cited both judicial and procedural defects. The court did not show any indication of committing uproar over the terms of settlement, the Ripple’s decision to withdraw its cross-appeal ends the case, which accepts the civil punishment imposed at the beginning of $ 125 million and probably gives up permanent prohibition against the firm.
A spokesperson of the Riple Labs did not respond to the coindsk’s request for immediate comments.
The SEC first filed a case against Ripple under the then President J. Clayton in 2020, alleging that the company violated the federal security laws through the sale of the XRP. After years of litigation, Torres finally concluded in the 2023 judgment that the sales of XRP to retail traders on public exchange did not constitute securities transactions, but found that the sales of XRP to institutional investors violated securities laws.
