With the conclusion of a prolonged court process, Ripple has announced the dropping of its appeal against the U.S. Securities and Exchange Commission.
Conclusion of Legal Battle
Ripple CEO Brad Garlinghouse has announced that the company is dropping its appeal against the SEC, putting an end to the legal conflict that began in December 2020.
Court's Decision
According to a recent ruling by Judge Analisa Torres, Ripple and the SEC failed to meet the stringent requirements to amend the final judgment. The judge noted that the SEC's new positions appeared inconsistent and ultimately unconvincing, adding that public judgments are supposed to serve the public interest.
Current Status of XRP
Despite the conclusion of legal proceedings, XRP remains in the red, currently trading at $2.11 according to CoinGecko data.
The ended legal battle between Ripple and the SEC may impact future developments in the cryptocurrency sector; however, XRP is currently facing challenges.
