Ripple has abandoned the cross-appeal against the Securities and Exchange Commission (SEC) and accepted a fine of $125 million, and the permanent ban will remain in effect. The summary is generated by artificial intelligence. Brad Garlinghouse, the CEO of Ripple Labs, announced that Ripple will abandon the cross-appeal with the SEC and instead focus on building a value Internet. At the same time, the judge rejected the settlement request from the SEC and Ripple, and upheld the ban imposed on Ripple. BlockBeats news, on June 28, CEO of Ripple Labs, Brad Garlinghouse, announced via social media that Ripple would abandon the cross-appeal in the case with the Securities and Exchange Commission, and Ripple would completely close this chapter, focusing on what is most important - building the value Internet, and that is final. BlockBeats previously reported that the federal judge in the Southern District of New York, Analisa Torres, rejected yesterday the settlement request submitted by the SEC and Ripple for the second time. The request aimed to reduce the fine to $50 million and lift the permanent ban, but the judge ruled that Ripple may still violate the law again, and the ban must be maintained.
