According to CoinDesk, RippleLabs CEO Brad Garlinghouse announced on Friday that the company will drop its cross-appeal to the Securities Exchange Commission (SEC), and the SEC is expected to withdraw its appeal as well, thus ending a years-long legal dispute between the two parties.
The decision came a day after New York judge Analisa Torres rejected the parties' second request for a $50 million settlement. The judge refused to lift the permanent injunction against Ripple, finding no reason to lift the injunction requiring Ripple to "follow the law."
Waiving the appeal means Ripple will accept the $125 million civil penalty originally awarded and may retain the permanent injunction. In 2023, Judge Torres ruled that the sale of XRP to retail investors on a public exchange did not constitute a securities transaction, but the sale to institutional investors violated securities laws.
Ripple abandons cross-appeal against SEC, ending years of legal battle
2025-06-28 00:57:05
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