BREAKING: Ripple Will Drop Cross Appeal Against SEC, Concluding XRP Lawsuit
Ripple to Soon Drop SEC Cross Appeal. Garlinghouse announced X, saying, “Ripple is dropping our cross appeal, and the SEC is expected to drop theirs, as they’ve previously stated. This chapter is being closed once and for all, allowing us to focus on what matters most: the construction of the Internet of Value. Festlegen. This development comes after a significant court ruling on June 26, when U.S. District Judge Analisa Torres dismissed the SEC’s request. The motion aimed to lessen the sanctions that had been imposed on Ripple and to remove an injunction mandating future adherence to securities laws.
The SEC’s motion included two main requests: the first was for the court to eliminate the permanent injunction requiring Ripple to comply with federal securities law. Secondly, the financial penalties imposed on the firm should be reduced significantly, by over 50%. Judge Torres issued a succinct and straightforward ruling to deny the request, stating, “The request is DENIED.”
The lawsuit that the SEC kicked off in December 2020 has focused on Ripple’s sale of XRP. Authorities alleged that the blockchain firm provided XRP as a security not registered with U.S. authorities, thus breaching U.S. securities law. The SEC asserted at that time that the lack of registration robbed prospective investors of essential information about XRP and Ripple’s activities.
The commission argued in earlier court documents that investors “were deprived of information about XRP and Ripple’s business that would allow them to make informed investment decisions.”
In July 2023, Judge Torres delivered a partial summary judgment following almost three years of legal disputes. The decision concluded that Ripple’s sale of XRP to institutional customers was deemed unregistered securities transactions. Sales to the general public, however, were not regarded as exchanges.
The commission argued in earlier court documents that investors “were deprived of information about XRP and Ripple’s business that would allow them to make informed investment decisions.”
In July 2023, Judge Torres delivered a partial summary judgment following almost three years of legal disputes. The decision concluded that Ripple’s sale of XRP to institutional customers was deemed unregistered securities transactions. Sales to the general public, however, were not regarded as exchanges.
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