Ripple and the U.S. Securities and Exchange Commission have agreed to withdraw mutual appeals in the case that started in December 2020. Both parties have settled on reducing the fine from $125 million to $50 million.
Case Settlement
According to Ripple’s chief legal officer, Stuart Alderoty, both parties have agreed to drop their appeals, and the fine will be reduced to $50 million, which is held in an interest-bearing account.
Changes at the SEC
The regulatory body’s shift in stance became apparent after the leadership change. New interim chair Mark Uyeda leads a more innovation-friendly stance, as evidenced by the closing of the case against Ripple and halting other high-profile cases.
Final Procedures
The conclusion of the case still requires a vote by the Commission and completion of court procedures. Once finalized, the Ripple vs. SEC case will be officially closed.
The Ripple vs. SEC case is nearing its conclusion, potentially setting a new direction for the digital asset industry in the U.S.
