EPIC FINAL! #Ripple and #SEC abandon appeals and end the legal battle
XRP surges by 9% and Judge Torres' ruling remains intact
In a historic turn, the long and tense legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) has come to an end. Both parties have jointly agreed to withdraw their appeals, meaning that the crucial ruling by Judge Analisa Torres from 2023 will stand as a final judgment. Upon hearing the news, #xrp surged by more than 9%.
SEC and Ripple lawyers submitted a joint stipulation of dismissal on Thursday, bringing an end to a case that has marked the entire crypto industry. Both parties will bear their own costs and legal fees.
The Ruling Stands: With the abandonment of the appeals, Judge Torres’ ruling is confirmed. This ruling was a partial victory for Ripple, as it determined that sales of XRP to institutional investors constituted illegal sales of securities, while blind sales to retail investors did not.
Garlinghouse's Statement: Ripple's CEO, Brad Garlinghouse, had anticipated this decision, stating in June that the company was ready to "close this chapter once and for all and focus on what matters most: building the Internet of Value."