The long-standing conflict between Ripple and the SEC, initiated in late 2020, has reached its conclusion. Recent updates clarify the steps taken by both parties.
History of the Lawsuit
Last year, a US court imposed a $125 million penalty on Ripple due to the unclear status of XRP. Initially, the SEC sought $2 billion but later withdrew its appeal.
Recent Developments
Last week, the SEC agreed to drop its appeal unconditionally, and Ripple withdrew its cross-appeal. The SEC will retain $50 million of the total penalty, with the remaining $75 million returned to Ripple. This amount is already in an interest-bearing escrow account.
Market Reaction
Unlike the sharp surge in XRP's price following Brad Garlinghouse's previous announcement, the asset remained relatively stable this time, staying just below $2.5.
The conflict between Ripple and the SEC has concluded, with both parties reaching an agreement and withdrawing their appeals. This marks the end of the lengthy legal battle and opens new opportunities for Ripple.
