XRP News Today: Ripple Drops Appeal in SEC Lawsuit, Ending Crypto Battle

In a significant development, Ripple Labs has announced its decision to withdraw its cross-appeal in the ongoing legal battle with the US Securities and Exchange Commission (SEC). This move comes as the SEC is also expected to drop its appeal, potentially signaling the end of the high-profile lawsuit that has been a focal point for the cryptocurrency industry.

Ripple CEO Brad Garlinghouse shared the news on X, stating, “Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.” This announcement follows a judge's refusal to grant an “indicative ruling” that would have allowed for a revised settlement without a full appellate review, indicating that both parties are ready to move forward without further legal escalation.

The legal saga began in December 2020 when the SEC filed a lawsuit against Ripple, accusing the company of conducting an unregistered securities offering through the sale of XRP tokens. This case has been closely watched as it could set a precedent for how US regulators treat cryptocurrencies. The court's ruling in July 2023 was a mixed decision, finding that while Ripple’s institutional sales of XRP violated securities laws, its programmatic sales did not. Judge Analisa Torres also ruled that XRP is not a security, providing Ripple with a partial victory.

Following the court's decision, the political landscape in the country shifted with Donald Trump’s re-election to the Oval Office in 2024, leading to a more favorable environment for the crypto industry. This shift allowed the SEC and Ripple to restart discussions about settling the case. However, Judge Torres rejected the revised settlement twice due to procedural deficiencies and the lack of “exceptional circumstances” that would justify deviating from standard procedures. Despite these setbacks, both parties have chosen to allow the case to settle, indicating a mutual desire to resolve the dispute.

Legal analysts have praised the exit plan as a strategic and dignified resolution to one of the most closely watched crypto cases in recent years. The decision to withdraw the appeals reflects a pragmatic approach by both Ripple and the SEC, focusing on moving forward rather than prolonging the legal battle. Ripple executives have emphasized their commitment to building the Internet of Value, reaffirming the company's vision for the future.

With the legal battle nearing its end, the resolution could unlock new opportunities for XRP and the broader cryptocurrency market. The clarity provided by the court's decision could pave the way for increased adoption and investment in digital assets, potentially driving innovation and growth in the industry. However, the final outcome remains uncertain, and the market will continue to monitor developments closely.