SEC, Ripple to end legal battle as both parties abandon appeals, leaving XRP ruling intact
Quick Take The SEC and Ripple have jointly agreed to drop their appeals in the Second Circuit court case, bringing to an end one of crypto’s marquee court cases. Each side will bear its own costs and fees as a result of the dismissal. Judge Torres’s July 2023 district-court ruling, that XRP secondary-market trades aren’t securities but institutional sales are, now stands as the unappealed final judgment. The price of XRP rose about 7% following the news.
One of the crypto industry's most significant legal battles appears to have wound down, with lawyers for the Securities and Exchange Commission and for Ripple Labs jointly agreeing to drop their appeals in the Second Circuit.
Each party agreed to bear its own costs and fees, according to the joint stipulation of dismissal , which was filed on Thursday. Ripple CEO Brad Garlinghouse had previously announced his firm's intention to drop its cross-appeal, saying in June, "We’re closing this chapter once and for all, and focusing on what’s most important — building the Internet of Value."
With both parties abandoning their appeals, Judge Analisa Torres' 2023 mixed ruling will stand as the final judgment in the case. Judge Torres ruled that hundreds of millions of dollars of XRP sold to institutional investors were unlawful securities sales, but took Ripple's side on "blind bid" sales to retail investors.
The price of XRP rose over 7% on the news from about $3.04 to $3.27 at time of publication.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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