Ripple and SEC close historic dispute. A new phase opens for XRP and blockchain adoption.
Ripple has decided to withdraw its cross-appeal in the long-running legal battle with the U.S. Securities and Exchange Commission (SEC).
This concludes one of the most significant court cases in the cryptocurrency industry.
On 27 June, Ripple CEO Brad Garlinghouse personally announced the decision. In addition to confirming Ripple's action, he stated on social media that the SEC is also expected to drop its appeal.
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. https://t.co/ZsRgDfcpLh
"Ripple is withdrawing our cross-appeal and the SEC is also expected to withdraw its appeal, as previously stated. We are closing this chapter for good and focusing on what matters most: building the Internet of Value. Stay tuned.", he said in a brief but meaningful statement.
This decision comes after Judge Analisa Torres rejected the joint request for a preliminary indication for the second time. The court's message was clear: either proceed with the appeal and the lawsuit, or give up.
Stuart Alderoty, Ripple's Chief Legal Officer, outlined the options available to the company. Essentially, they had two options: accept the previous decision regarding institutional sales of XRP and drop the lawsuit, or proceed with the appeal.
The SEC filed suit against Ripple in December 2020, starting this lengthy legal battle. The accusation? That Ripple, by selling XRP tokens to institutional investors, allegedly made an unregistered securities offering.
Judge Torres' significant decision in July 2023 led to a partial verdict. In a major victory for Ripple and the broader crypto market, the court ruled that XRP is not a security per se and that sales of XRP on the secondary market did not violate securities laws.
However, Ripple could face financial penalties, as direct sales to institutional investors were considered unregistered securities offerings.
Initially, the SEC had indicated its intention to appeal the favourable decision regarding XRP's status. Subsequently, however, it withdrew this intention. Now that Ripple has also withdrawn its cross-appeal, the legal battle over institutional sales is officially over.
With this decision, Ripple avoids further legal disputes, additional costs and market instability. Although the exact amount is not yet known, a civil penalty related to those institutional sales is still expected.
Now that this chapter is closed, Ripple says it will focus all of its energies on the future, which includes developing the broader Internet of Value vision, increasing adoption of the XRP Ledger, and expanding payment corridors.
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Ripple has decided to withdraw its cross-appeal in the long-running legal battle with the U.S. Securities and Exchange Commission (SEC).
This concludes one of the most significant court cases in the cryptocurrency industry.
On 27 June, Ripple CEO Brad Garlinghouse personally announced the decision. In addition to confirming Ripple's action, he stated on social media that the SEC is also expected to drop its appeal.
This decision comes after Judge Analisa Torres rejected the joint request for a preliminary indication for the second time. The court's message was clear: either proceed with the appeal and the lawsuit, or give up.
Stuart Alderoty, Ripple's Chief Legal Officer, outlined the options available to the company. Essentially, they had two options: accept the previous decision regarding institutional sales of XRP and drop the lawsuit, or proceed with the appeal.
The SEC filed suit against Ripple in December 2020, starting this lengthy legal battle. The accusation? That Ripple, by selling XRP tokens to institutional investors, allegedly made an unregistered securities offering.
Judge Torres' significant decision in July 2023 led to a partial verdict. In a major victory for Ripple and the broader crypto market, the court ruled that XRP is not a security per se and that sales of XRP on the secondary market did not violate securities laws.
However, Ripple could face financial penalties, as direct sales to institutional investors were considered unregistered securities offerings.
Initially, the SEC had indicated its intention to appeal the favourable decision regarding XRP's status. Subsequently, however, it withdrew this intention. Now that Ripple has also withdrawn its cross-appeal, the legal battle over institutional sales is officially over.
With this decision, Ripple avoids further legal disputes, additional costs and market instability. Although the exact amount is not yet known, a civil penalty related to those institutional sales is still expected.
Now that this chapter is closed, Ripple says it will focus all of its energies on the future, which includes developing the broader Internet of Value vision, increasing adoption of the XRP Ledger, and expanding payment corridors.
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