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Ripple, SEC Agree to Mutually Abandon Appeals, Ending 5-Year Legal Battle
After five long years of legal wrangling, Ripple and the Securities and Exchange Commission (SEC) have come to a mutual agreement to abandon their respective appeals. This significant move marks a crucial moment for the crypto industry, bringing an end to one of its most influential court cases.
As reported by CryptoSlate, Ripple CEO Brad Garlinghouse took to social media to announce this breakthrough development. He emphasized that his company is now free to focus on “what’s most important – building the Internet of Value.” This decision comes in the wake of Judge Analisa Torres dismissing a joint motion for an indicative ruling earlier this week.
Ripple’s Chief Legal Officer, Stuart Alderoty, provided further insight into the situation. He explained that the court has proffered options, either to dismiss its appeal challenging the prior finding on historic institutional sales or proceed with the appeal and continue litigation.
The legal battle between Ripple and the SEC began in December 2020 when the regulatory agency accused the fintech company of conducting an unregistered securities offering by selling XRP tokens to institutional investors. Following Judge Torres’ July 2023 ruling that deemed XRP is not a security, Ripple emerged victorious in securing a major victory for the industry.
Notably, while the SEC initially signaled its intent to appeal this ruling on XRP’s non-security status, it later indicated that it would drop the appeal. This development ensures that XRP’s legal clarity in the US market remains intact, and the company can now redirect its focus towards expanding global payment corridors, token utility, and the adoption of its XRP Ledger.
The Ripple-led efforts will reportedly revolve around building on this progress to further propel the Internet of Value vision.
Source: cryptoslate.com
