TechFlow news, on June 28, Ripple Labs CEO Brad Garlinghouse announced Friday that the company will drop its cross-appeal against the U.S. Securities and Exchange Commission (SEC), with expectations that the SEC will also withdraw its appeal, thereby ending the years-long legal dispute between the two parties.
This decision comes a day after New York Judge Analisa Torres rejected both parties' second request to settle for $50 million. The judge refused to lift the permanent injunction against Ripple, stating there was no reason to remove the order requiring Ripple to "comply with the law."
Dropping the appeal means Ripple will accept the initial civil penalty of $125 million and may retain the permanent injunction. In 2023, Judge Torres ruled that XRP’s sale to retail investors on public exchanges did not constitute a securities transaction, but sales to institutional investors violated securities laws.
