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SEC and Ripple officially end 4-year legal battle, upholding initial ruling
Summary: In breaking news, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have officially concluded their four-year legal battle. Both parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing the voluntary withdrawal of their appeal against the initial ruling from July 2023. It is reported that each party ...
In breaking news, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have officially concluded their four-year legal battle. Both parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing the voluntary withdrawal of their appeal against the initial ruling from July 2023. It is reported that each party will bear their own litigation costs and uphold the original ruling by District Judge Analisa Torres, which includes: Ripple's sale of XRP to institutional investors violating securities laws, a $125 million fine, and a permanent injunction against future violations. Previously, in 2020, the SEC, under former Chairman Jay Clayton (now serving as a federal prosecutor in the Southern District of New York), sued Ripple, alleging that its sale of XRP tokens violated securities laws.
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Link: SEC and Ripple officially end 4-year legal battle, upholding initial ruling [Copy]
