Ripple Labs and the United States Stock Exchange and Securities Commission (SEC) have officially reached an agreement that, if approved by a judge, will end its legal battle during the years.
According to a conciliation agreement submitted in New York on Thursday, both parties agreed a fine of $ 50 million, a part of the fine of $ 125 million initially imposed last year by Judge Analisa Torres of the Southern District of New York (SDNY) and a small fraction of the massive fine of $ 2 billion initially requested by the SEC.
In his 2023 ruling, Judge Torres discovered that Ripple violated the securities laws by selling his native token XRP to institutional investors, but did not violate the securities laws by putting XRP in exchanges so that retail customers buy in a suit originally carried in 2020 under the then president of SEC Jay Clayton (which is now the United States lawyer for the South District of New York).
The SEC, then under the leadership of former President Gary Gensler, appealed Torres’ ruling, which led Ripple to appeal crossed. According to the conciliation agreement, both parties agree to withdraw their cases. Thursday’s presentation confirms the announcement of Ripple in March that he had reached a conciliation agreement between principles with the SEC.
Read more: Ripple to obtain $ 75 million fine ordered by the cut of the SEC, Drops Cross appeals
The agreement is produced in the middle of the large -scale withdrawal of the SEC of a large amount of cryptographic investigations and litigation that began under the mandate of Gensler. After the president of the United States, Donald Trump, assumed the position in January and appointed Paul Atkins friendly with cryptography to serve as the new president of the SEC, the agency has made a change in cryptographic regulation.
XRP rose 9% in the news, continuing an increase in value at the value of 24 hours.
Ripple did not respond to the request for comments from Coindesk.
