XRP legal battle concludes with no further court action; ruling remains final
The long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has officially come to an end after both parties agreed to dismiss their appeals, marking a significant moment in the cryptocurrency regulatory landscape.
In a formal joint filing submitted to the Second Circuit Court, Ripple and the SEC agreed to withdraw their respective appeals concerning the 2023 ruling on XRPâs legal status. The court acknowledged the dismissal, with each side bearing their own legal costs.
âFollowing the Commissionâs vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,â said Rippleâs Chief Legal Officer in a post confirming the news. âThe endâŠand now back to business,â he added.
The dismissal solidifies U.S. District Judge Analisa Torresâ 2023 ruling, which concluded that XRP sold on public exchanges did not qualify as a security, while XRP offered to institutional investors was an unregistered securities sale. The SEC had appealed this split ruling, and Ripple had filed a cross-appeal.
However, with both appeals dropped, the courtâs original judgment is now final.
âThis is a major step toward regulatory clarity for XRP and similar tokens,â noted legal analyst tracking the case.
The SEC first sued Ripple in 2020, claiming its XRP sales violated securities laws. But with a shift in the administration, regulatory enforcement toward crypto has notably eased, and multiple cases against crypto firms have been withdrawn.
Earlier this year, Ripple and the SEC signaled a possible settlement and asked to pause court proceedings. A settlement was reached in May, followed by Rippleâs unsuccessful attempt to reduce its $125 million penalty.
Investor confidence around XRP has grown sharply during the settlement process. XRP surged 99% from Aprilâs low of $1.79 to $3.56 in July, driven by optimism surrounding the lawsuitâs conclusion. After a brief correction, XRP has rebounded over 10% in the past day, trading at $3.31.
The lawsuitâs conclusion marks a major milestone for crypto regulation in the U.S.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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