The US Securities and Exchange Commission (SEC) and Ripple Labs have concluded their years-long legal dispute by withdrawing appeals in the Second Circuit Court. The parties filed a joint motion to dismiss the appeals and agreed to cover all legal costs and attorney fees independently.
Withdrawal of Cross-Appeal
Back in June, Ripple CEO Brad Garlinghouse announced the company’s intention to close this stage of the case and focus on developing the “Internet of Value” ecosystem. Now, with both sides abandoning the appeal process, the ruling by Judge Analisa Torres, issued in 2023, remains in force.
Partial Victory and Defeat
The judge ruled that Ripple’s sales of XRP tokens worth hundreds of millions of dollars to institutional investors violated securities laws. However, on the matter of “blind” sales of tokens to retail investors, the court sided with Ripple.
Market Reaction
According to CoinMarketCap, following the announcement, the price of XRP surged by more than 8,333%, rising to $3.31.
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