Ripple Drops Cross-Appeal, Concludes Legal Battle with SEC

The legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) is nearing resolution. Ripple Labs CEO Brad Garlinghouse announced that Ripple will drop its cross-appeal in the case, with the SEC expected to do the same.

XRP increased by 1.4% following the announcement.
A U.S. District Judge rejected a joint request from Ripple and the SEC for a settlement that would reduce Ripple's civil penalty to $50 million.
The judge cited concerns over eliminating a permanent injunction against Ripple, indicating a "reasonable probability" of continued violations of federal securities laws.
Ripple's decision to withdraw the cross-appeal accepts the original civil penalty of $125 million.
The SEC's lawsuit against Ripple began in 2020, alleging violations through XRP sales, with a ruling in 2023 determining mixed outcomes regarding retail and institutional sales.