Ripple To Drop Appeal In XRP Case, SEC Expected To Follow
Ripple will drop its cross appeal in its years-long legal battle with the SEC over XRP, with the SEC also planning to drop its own appeal to end the case.
The SEC sued Ripple back in 2020, alleging it raised $1.3B by selling unregistered securities through XRP.
In 2023, a judge ruled that XRP sales to retail investors were not securities, but $728M in institutional sales were, leading to a $125M penalty, far below the $2B originally sought by the SEC.
Ripple and the SEC recently failed in their attempt to lower this fine further.
Ripple CEO Brad Garlinghouse said the decision will “close this chapter once and for all” as the company shifts focus back to building XRP-related infrastructure.
Sources: Decrypt and Brad Garlinghouse
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