Ripple Labs announced it is withdrawing its appeal in the case against the SEC, potentially signaling the conclusion of a lengthy legal battle.
Ripple Withdraws Appeal
Ripple CEO Brad Garlinghouse stated that the company is dropping its appeal against the SEC. It is expected that the SEC will also retract its appeal, marking a potential end to this high-profile litigation.
Court Proceedings and Outcomes
Judge Analisa Torres rejected a joint request from the parties for an 'indicative ruling' that would have allowed approval of a revised settlement without full appellate review. The court ruled that while Ripple's institutional sales of XRP violated securities laws, its programmatic sales did not.
Crypto Community Reaction and Future of Ripple
As news of the lawsuit's nearing conclusion emerged, the price of XRP surged, and the crypto community reacted positively. Analysts suggest that this development may hint at a less aggressive approach from regulators in the future.
Ripple's decision to withdraw its appeal, combined with the expected move from the SEC, may signal the end of a tumultuous legal chapter and open new avenues for the company's growth.
