news 
Ripple (XRP) to Drop Cross-Appeal in SEC Case, Will Receive $75M Refund
In a significant development, Ripple Labs has announced that it will drop its cross-appeal in the ongoing legal battle with the United States Securities and Exchange Commission (SEC). This move comes on the heels of the SEC withdrawing its own appeal. The settlement marks an end to the long-standing case that began in December 2020.
As per the agreement, Ripple Labs is set to receive a $75 million refund. The payment is part of the August 2024 ruling by the U.S. District Court for the Southern District of New York, which ordered Ripple to pay a penalty of $125 million. The SEC will retain $50 million from the amount.
The settlement still requires formal approval from the SEC’s commissioners and a final court nod. The agency is expected to draft court documents and obtain the necessary approvals. As part of the agreement, the SEC will also request that an earlier injunction imposed in its favor be lifted. This move would allow Ripple Labs to resume normal operations within the U.S.
Despite the controversy surrounding the case, it has set a significant precedent for how U.S. regulatory bodies might approach other crypto projects going forward.
Source: https://coinchapter.com/ripple-xrp-to-drop-cross-appeal-in-sec-case-will-receive-75m-refund/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-xrp-to-drop-cross-appeal-in-sec-case-will-receive-75m-refund
