The 2020 demand of the United States Securities and Securities Commission against Ripple Labs has officially ended, after the two parties informed the Court of Appeals of the Second Circuit that they were voluntarily dismissing their respective appeals of a 2023 ruling in the case.
The SEC and Ripple will have their own costs, according to the presentation on Thursday. The joint stipulation ends the legal battle between the SEC and Ripple that began in 2020 after the SEC demanded Ripple in 2020 under former President Jay Clayton (which now directs the United States Prosecutor for the Southern District of New York) Alleging that he violated securities laws through the sale of XRP, the token closely associated with the company.
XRP increased 5% after Thursday’s presentation, quoting around $ 3.27 at the time of publication.
The SEC presented an appeal in 2024 after the decision of a district judge in 2023 said that Ripple makes XRP available to retail merchants through exchanges, while Ripple obtained cross control to maintain his arguments in the case.
The parties agreed to withdraw their respective appeals in June, said the CEO of Ripple, Brad Garlinghouse, at that time, leaving the sanctions of the Judge of the Analisa Torres district. These sanctions were linked to their finding that Ripple had violated the securities laws in the sale of XRP to institutional merchants, and included $ 125 million in fines and a permanent court order against additional violations of the law.
Ripple and the SEC arrested their appeals earlier this year after Donald Trump resumed the office as president of the United States and installed new leadership in the agency. The SEC has fallen into a dozen cases and research on cryptographic companies in recent months.
The parties tried to negotiate these sanctions, but Judge Torres rejected multiple attempts on procedural and other concerns.
