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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Ripple

BREAKING: Ripple CEO Announces Decision To Withdraw Cross Appeal In SEC Lawsuit

Ronaldo Marquez
by Ronaldo Marquez
3 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple Labs is taking a significant step in its protracted legal struggle with the US Securities and Exchange Commission (SEC) by withdrawing its cross appeal regarding the sale of its XRP tokens. 

Ripple Moves To Close Legal Chapter

CEO Brad Garlinghouse announced the decision on Friday on social media platform X (formerly Twitter), stating that both Ripple and the SEC are expected to drop their respective appeals, signaling a potential resolution to a dispute that has lasted several years.

Garlinghouse emphasized that the blockchain payments company is determined to close this chapter and shift its focus towards its core mission: building the “Internet of Value.” 

Related Reading: Kraken Launches Krak: A New Peer-To-Peer Crypto Payments App—Details

The decision comes after a tumultuous period marked by legal challenges over the classification of XRP as a security. This period was characterized by the leadership of former SEC Chair Gary Gensler, who was criticized for his “regulation by enforcement” approach.

The SEC had previously sued Ripple, alleging violations of securities laws during the sale of XRP tokens, which has been a contentious issue in the cryptocurrency landscape.

Turning Point For XRP

The legal saga reached a pivotal moment in 2023 when a judge ruled that while XRP sales on public exchanges were legal, the $728 million in sales to institutional investors were indeed in violation of securities regulations. 

Following this ruling, both Ripple and the SEC filed appeals, but discussions of a settlement emerged when both parties agreed to resolve the matter if the judge were to set aside her injunction and reduce the $125 million fine imposed on Ripple. However, that request was denied by the judge, prompting Ripple’s latest decision.

Related Reading: Global Watchdog Reveals Surge In Criminal Activity Involving Stablecoins

By withdrawing its cross appeal, Ripple aims to expedite the resolution of this lengthy legal battle, which has cast a shadow over the company and the broader cryptocurrency market. 

Ripple
The 1D chart shows XRP’s price recovery on Friday. Source: XRPUSDT on TradingView.com

As of press time, the XRP price had recovered slightly, rising 1.5% toward $2.14. This follows a steep drop of over 4% on Thursday, after Judge Torres’s decision caused the fourth-largest cryptocurrency to retrace toward $1.90.

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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