BlockBeats news, on August 8, the four-year legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs officially came to an end. Both parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing the voluntary withdrawal of the appeal against the judgment made in the first instance in July 2023.
It is reported that both parties will bear their own litigation costs and maintain the original ruling of District Court Judge Analisa Torres, namely:
· Ripple's sale of XRP to institutional investors constitutes a violation of securities laws
· Fined $125 million
· Issued a permanent injunction prohibiting future violations
Previously, in 2020, the SEC sued Ripple during the tenure of former Chairman Jay Clayton (currently the U.S. Attorney for the Southern District of New York), accusing it of violating securities laws by selling XRP tokens.
