Ripple Labs, Inc. and the U.S. Securities and Exchange Commission (SEC) have ended their lengthy legal battle, agreeing to drop appeals and focus on the company's future.
Conclusion of the Legal Dispute
Ripple and the SEC agreed to drop their appeals, bringing nearly five years of litigation to a close that began in December 2020. Ripple CEO Brad Garlinghouse announced the company's intention to focus on building the 'Internet of Value.'
Financial Consequences for Ripple
Ripple agreed to pay a civil penalty of $125 million, significantly lower than the SEC's initial demand of $2 billion.
Impact on the Market and Regulation
The announcement led to a brief increase in XRP's price by 1.4%. Experts suggest that the resolution may influence regulatory strategies for crypto assets in the U.S.
The resolution of the legal dispute between Ripple and the SEC may lead to significant changes in regulatory approaches within the U.S. crypto industry.
