Ripple to Drop Appeal in SEC Case Over XRP Sales, Ending Legal Battle

In Brief:

Ripple announces it will drop its cross appeal in the ongoing SEC case, resolving the legal dispute.

CEO Brad Garlinghouse confirms focus will now shift to building the "internet of value."

Ripple CEO Brad Garlinghouse announced on Friday that the company will drop its cross appeal in the long-running legal battle with the U.S. Securities and Exchange Commission (SEC) over XRP sales. This move comes after U.S. District Judge Analisa Torres denied a proposal to reduce a $125 million penalty or lift an injunction imposed on Ripple. The decision marks the conclusion of months of negotiation, following an attempt by Ripple and the SEC to reduce a civil penalty from $2 billion to $50 million. Garlinghouse expressed that the company is closing this chapter and will now focus on its mission to build the "internet of value." The SEC is also expected to drop its appeal, finalizing the resolution.

‍