The case between the U.S. Securities and Exchange Commission (SEC) and Ripple has finally concluded. The appellate court has officially closed the case, ending years of litigation.
History of the SEC and Ripple Process
The litigation between the SEC and Ripple began in late 2020 and lasted over four years. In this process, the SEC claimed that Ripple violated securities laws by selling XRP without necessary registration.
Terms of the Agreement between Parties
Earlier this year, the SEC and Ripple filed a joint stipulation in the appellate court requesting the dismissal of both parties' appeals. The court accepted their request, formally concluding the case. The SEC agreed to reduce Ripple's monetary penalty and drop the permanent injunction against institutional XRP sales in the U.S.
Market Reaction to Case Closure
Despite the case closure, XRP token price has changed little. However, it has seen an increase of nearly 7% over the past 24 hours, influenced by the Federal Reserve's dovish shift.
The end of the SEC v. Ripple case marks a significant turning point in the long-standing legal battle and opens new prospects for the company. The case's conclusion also impacted the cryptocurrency market, underscoring the significance of this event.
