Ripple has officially announced the end of its cross-appeal in the legal dispute with the U.S. Securities and Exchange Commission (SEC). This decision marks an important milestone in the case.
Significance of the Appeal Withdrawal
Ripple's CEO Brad Garlinghouse stated that the company is dropping its cross-appeal, a significant step in its ongoing legal processes. He indicated that the SEC is also expected to withdraw its appeal, signaling the closing of a key chapter in the litigation.
Ripple's Strategic Moves
Garlinghouse's announcement follows comments from Ripple's Chief Legal Officer Stuart Alderoty, who clarified that the court offered Ripple two options: to either dismiss its appeal or continue the legal process. Alderoty emphasized that the decision to withdraw the appeal reflects Ripple's strategic choice to proceed operationally.
Unchanged Status of XRP
Garlinghouse also noted that this decision does not impact the legal status of XRP, which remains classified as not being a security in secondary market sales. This reinforces Ripple's solid position regarding regulations and allows the company to focus on its operational objectives.
Ripple's decision to end its cross-appeal signifies a shift away from prolonged legal disputes and a return to the company's core objectives in blockchain technology and global financial solutions. This allows Ripple to confidently move forward without the distractions of ongoing litigation.
