Ripple formally withdraws its mutual appeal with the SEC in its XRP lawsuit, marking a critical end to one of Crypto’s longest-running legal disputes.
CEO Brad Garlinghouse announced the move on June 27, saying the company would not dispute the court’s finding that XRP had determined that its sales of XRP to institutional investors constituted a securities transaction.
Has the XRP lawsuit finally ended?
The Ripple v Sec case was a major event in cryptographic regulation, but after the case was removed, the spectacle didn’t end.
Both parties have spent the past few months trying to solve one prolonged problem. Mutual appeals regarding non-institutional securities sales.
Today, Ripple CEO Brad Garlinghouse announced that the company is finally giving.
The decision followed Judge Torres’ June 26th ruling, which denied the parties’ attempts to change the injunction and reduce the Ripple penalty. That refusal hampered the path to a negotiated solution.
By withdrawing the appeal, Ripple accepts the court’s existing judgment. This includes limits on the facility’s XRP sales and the possibility of a $102.6 million penalty levies.
No further court dates are expected and the case closes when the SEC officially withdraws its own appeal. That step is expected in the coming weeks.
The 2023 ruling, which discovered that XRP sales on the exchange were not securities, remains intact. This provides continuous clarity for retail XRP transactions.
The incident, which began in December 2020, has been a significant precedent in cryptographic regulations. That conclusion closes the chapter on US digital asset enforcement.
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