Ripple Labs has decided to withdraw its appeal against the U.S. SEC, marking a significant turning point in the lawsuit that has garnered considerable attention from the cryptocurrency community. CEO Brad Garlinghouse clearly announced that the company will 'close this chapter'. This move not only clarifies Ripple's legal situation but also opens up the possibility that the SEC may also drop their appeal, bringing the potential for an end to one of the longest legal battles in the cryptocurrency field.
Ripple Ends Legal Battle
Ripple has decided not to continue the appeal, indicating a shift in their legal strategy. Stuart Alderoty, Ripple's legal director, asserted that this decision does not change the legal status of XRP, which remains 'not a security'. Despite the rulings related to institutional sales, Alderoty emphasized that work at Ripple will return to normal.
But the relationship between Ripple and the SEC remains tense. The situation indicates that the SEC has not officially abandoned the lawsuit as Ripple has. Legal expert Fred Rispoli suggested that the SEC may provide public or private assurances, allowing Ripple to operate freely, which would give an unofficial 'green light' for their business activities.
Experts Advise Caution—Not Absolutely Over Yet
While optimistic, former SEC lawyer Marc Fagel warned that the lawsuit is not truly over until the SEC officially drops their appeal. He stressed that although the SEC has voted to consolidate a settlement, that does not mean they automatically accept the termination of this lawsuit. This confusion led XRP lawyer Bill Morgan to adjust his previous statement that the lawsuit had 'finally ended'.
This highlights the complexities in the legal processes surrounding cryptocurrencies, and those following the lawsuit need to closely monitor the situation in the coming time.
Ripple's Victory Remains—No Admission of Guilt
Experts have criticized Ripple's decision to reach a settlement as potentially implying an admission of guilt, but lawyer Morgan has defended this view. He emphasized that most settlements do not include any admission of liability. More importantly, he reiterated that the core victory is the court's statement that XRP is not a security, based on its nature, not on how it was sold. This reinforces the view that XRP is more like a commodity.
If the SEC truly abandons the appeal as expected, the cryptocurrency world may finally close one of its most significant legal battles. With these developments, investors and businesses in the cryptocurrency sector will need to pay attention to subsequent developments to ensure their operations are not affected.
Source: https://tintucbitcoin.com/xrp-thoa-thuan-ripple-va-nha-dau-tu/
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