Ripple officially closes its legal battle with the SEC, withdrawing its appeal in the XRP case and concluding a years-long legal struggle.
Summary of the Legal Case
After more than four years of legal proceedings, Ripple officially abandons its appeal against the SEC in the XRP case. Judge Analisa Torres affirmed the final judgment, maintaining a financial penalty of $125 million and banning Ripple from conducting new unregistered institutional XRP sales.
Impact of the Ruling on Ripple and XRP
According to the final decision, XRP retains its status as a non-security cryptocurrency, significantly reducing legal uncertainty surrounding the asset. Ripple's CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty confirmed that the legal status of XRP as a non-security remains unchanged.
Wider Implications for the Crypto Industry
The conclusion of the dispute between Ripple and the SEC may set a precedent for other cases in the industry, notably regarding Coinbase and Binance. Judge Torres's ruling can become a significant moment for establishing a coherent regulatory structure in the U.S., especially given the ongoing struggle for legal clarity in the cryptocurrency space.
The closing of the Ripple and SEC case establishes new boundaries for the cryptocurrency industry, highlighting the importance of legal status for cryptocurrencies and paving the way for future regulatory changes.
