XRP News Today: Ripple Drops Appeal in SEC Legal Battle

Ripple CEO Brad Garlinghouse recently announced a significant development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Ripple has decided to withdraw its cross appeal, and the SEC is expected to follow suit. This move comes after years of legal proceedings and could potentially mark the end of one of the most high-profile disputes in the cryptocurrency industry.

Judge Torres recently rejected a joint request from the SEC and Ripple to approve a proposed settlement. The settlement aimed to reduce Ripple’s civil penalty to $50 million and lift the permanent injunction. This rejection has left the outcome of the case uncertain, as the SEC still needs to formally vote to drop its appeal. Legal experts, including former SEC official Marc Fagel, have noted that while the settlement was conditional and the court did not approve it, the SEC now needs to hold a separate vote to officially dismiss the appeal.

Despite the rejection of the settlement, the injunction against Ripple remains in place. This means that Ripple’s institutional strategy, particularly its distribution of XRP through other companies, could still be subject to securities laws. However, the current SEC’s lax enforcement makes the outcomes unpredictable. Attorney Fred Rispoli weighed in on Ripple’s decision, noting that the timing of the announcement was not accidental. Ripple’s move to drop its cross appeal came just a day after Judge Torres’ final judgment, indicating that the outcome was likely planned in advance. Rispoli suggested that Ripple and the SEC had already discussed the terms behind closed doors, setting the stage to quietly bring this long battle to a close.

The key 2023 ruling, which confirmed that XRP sales on exchanges are not securities, still stands. This ruling offers continued clarity for retail traders and is expected to remain in effect once the SEC also drops its appeal, which is anticipated in the coming weeks. The legal battle between Ripple and the SEC has been ongoing for several years, with both parties presenting their arguments in court. The case has significant implications for the cryptocurrency industry, as it could set a precedent for how regulators approach digital assets. The outcome of the case could also have a significant impact on the future of XRP, as it is one of the most widely used cryptocurrencies in the world.

In conclusion, while the recent developments suggest a potential resolution to the Ripple vs. SEC lawsuit, the case is not yet fully settled. The judge's rejection of the settlement agreement has left both parties in a state of legal uncertainty. Legal experts predict that the case will eventually be settled, but this is based on speculation and not on concrete evidence. The outcome of the case will have significant implications for the cryptocurrency industry and the future of XRP.