According to BlockBeats, Ripple Labs CEO Brad Garlinghouse announced on social media that the company will not pursue a cross-appeal in its case with the U.S. Securities and Exchange Commission (SEC). Garlinghouse stated that Ripple is moving on from this chapter to focus on building the Internet of Value, emphasizing that the broader strategy is set.
Previously, BlockBeats reported that U.S. District Judge Analisa Torres in the Southern District of New York rejected a settlement proposal from both the SEC and Ripple for the second time. The proposal aimed to reduce the fine to $50 million and lift a permanent injunction. However, the judge maintained that there is still a possibility of Ripple violating regulations again, necessitating the continuation of the injunction.
