Ripple's CEO, Brad Garlinghouse, stated on Friday that the fintech company will drop its mutual appeal in a long-standing case with the U.S. Securities and Exchange Commission.
This announcement comes just one day after U.S. District Judge Analisa Torres rejected a proposal from Ripple Labs and the U.S. Securities and Exchange Commission to reduce a $125 million fine or overturn an injunction issued against the company related to Ripple's cryptocurrency last year.
This decision came less than two weeks after the U.S. Securities and Exchange Commission and Ripple requested the court to reduce the civil penalty on illegal sales of Ripple's cryptocurrency to $50 million - significantly less than the $2 billion amount sought by former Chairman Gary Gensler - and to remove restrictions on Ripple's ability to sell the asset.
Garlinghouse wrote on X: "Ripple has dropped the mutual appeal, and the U.S. Securities and Exchange Commission is expected to withdraw the appeal as previously announced." He added: "We are closing this chapter for good and focusing on what matters most - building the value network. Keep working."
#XRP #Ripple #RippleSECSettlement #RippleSEC #NODEBinanceTGE
