Breaking: Ripple Drops Its Cross Appeal Against The US SEC
Highlights
- The Ripple lawsuit has officially ended with the crypto firm dropping its cross appeal against the US SEC.
- The SEC will keep $50 million of the $125 million awarded against Ripple while the $75 million will be returned to the crypto firm.
- The Commission will also ask the court to drop the injunction which it imposed on Ripple.
Ripple has dropped its cross-appeal against the US Securities and Exchange Commission (SEC) following the latter’s decision to drop its case against the crypto firm last week. The firm’s Chief Legal Officer (CLO), Stuart Alderoty, also revealed what will happen with the $125 million penalty the Court awarded against them.
Ripple Drops Cross Appeal Against The US SEC
In an X post, Ripple’s CLO, Stuart Alderoty, revealed that his firm has now agreed to drop its cross-appeal against the US SEC after the Commission decided to drop the appeal without conditions.
This development officially ends the long-running legal battle between the crypto firm and the SEC, as the latter has also agreed to drop the Ripple lawsuit in its entirety.
Alderoty also revealed what will happen to the monetary judgment, which Judge Analisa Torres awarded against the crypto firm. He stated that the Commission will keep $50 million of the $125 million fine, which is already in an interest-bearing escrow in cash, while Ripple will collect the balance of $75 million.
Meanwhile, the US SEC will ask the Court to lift the standard injunction it imposed against the crypto firm at the Commission’s request. This move is subject to the Commission vote, the drafting of final documents, and routine court processes.
Significance Of This Development
Besides ending the Ripple lawsuit, the SEC’s agreement to request that the Court drop the standard injunction against the crypto firm paves the way for a surge in XRP’s adoption since the company can now proceed to carry on its on-demand liquidity (ODL) sales as usual.
Legal experts had predicted that Ripple was holding out on settlement to get the Commission to lower the fine and request the Court to drop the injunction. As such, these developments undoubtedly represent a massive victory for the firm.
CEO Brad Garlinghouse recently discussed the company’s future. He predicted that their US operations would grow in the coming months following the end of the lawsuit and thanks to imminent crypto legislation.
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