In a publication from X, defense attorney James Filan revealed that the Second Circuit approved the Joint Stipulation of Dismissal, previously submitted by the SEC and Ripple. This officially ends the case, as the Commission withdrew its appeal, while the cryptocurrency company withdrew its counter-appeal.
As CoinGape reported earlier, the XRP lawsuit had not concluded, as the court still needed to approve the filings from both parties. Therefore, the SEC had to submit a status report last week indicating that the stipulation of dismissal was still pending judicial approval.
Before that, the SEC, as the appellant, and Ripple, along with its executives Chris Larsen and Brad Garlinghouse, as counter-appellants, had submitted the joint dismissal to settle the legal battle. With the court's approval, the cryptocurrency company will proceed to settle the monetary judgment that Judge Analisa Torres had issued against it.
Ripple will pay 125 million dollars to the SEC as a penalty for its securities violations. This amount was held in escrow pending the resolution of the appeal. Both parties had previously agreed that Ripple should pay 50 million dollars instead of 125 million. However, Judge Torres chose not to issue a ruling indicating to adopt this settlement agreement.
