Ripple Labs and US Securities and Exchange Commission (SEC) have officially reached a deal, if approved by a judge, it will bring a long legal battle to a close.
According to an agreement filed in New York on Thursday, both parties agreed to a fine of $ 50 million – a part of a $ 125 million fine imposed last year by Judge Analyssa Torres of Southern District of New York (SDNY), and a small part of a small $ 2 billion fine was initially requested.
In his 2023 judgment, Judge Torres found that Ripple violated the security investors in selling their original XRP tokens, but did not violate the securities laws in laying XRP on exchanges for retail customers, which originally to buy in a suit to buy a suit (which is a suit to buy in a suit (which is now a southern volume to buy the Jai Clay Is Attorney).
The SEC, then under the leadership of former president Gary Gensler, appealed for Torace’s decision, which inspires Ripple to cross-appeal. Under the agreement agreement, both sides agree to give up their matters. On Thursday, the filing confirmed Ripple’s announcement in March that it had reached an united agreement with SEC.
Read more: To receive a $ 75M court-ordered penalty back to the cross, leaves the cross appeal
The agreement was signed amidst a full -scale withdrawal of SEC from a host of crypto investigation and litigation that began under the tenure of Gensor. US President Donald Trump appointed crypto-friendly Paul Atkins after taking over in January and serving as the new president of SEC, the agency has almost faced the crypto regulation.
XRP climbed 9% on the news, leading to a 24 -hour growth in the price.
Ripple did not respond to coindesk’s request for comments.
