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Ripple And SEC Agree To Drop Appeals In XRP Lawsuit
In a surprising move, Ripple and the Securities and Exchange Commission (SEC) have agreed to drop their appeals in the long-standing XRP lawsuit. The decision has sent shockwaves throughout the cryptocurrency community, with the price of XRP jumping by 10% as news of the settlement spreads.
The lawsuit, which began back in 2023, was sparked when the SEC filed a complaint alleging that Ripple had sold XRP to institutional investors without registering it as a security. The two parties have been locked in a heated battle ever since, with neither side willing to give in.
However, yesterday evening, Ripple and the SEC announced that they would be dropping their appeals, effectively ending the lawsuit. The agreement means that Ripple will not appeal the original judgment, which fined the company $125 million for its alleged violations of securities law.
In a statement, Chief Legal Officer Stuart Alderoty tweeted: “The end…and now back to business.” This suggests that Ripple is ready to put the controversy behind them and focus on their core operations once again.
The move has been met with widespread celebration in the crypto community, as many had grown tired of the prolonged legal battle. Many have seen this decision as a major positive for XRP’s future prospects, and it appears to be having an immediate impact.
Source: www.tronweekly.com
