Key Takeaways
- The SEC and Ripple have agreed to withdraw their appeals in the XRP litigation, ending a major phase of their legal battle.
- The district court’s ruling that XRP sales on public exchanges are not securities transactions remains in effect.
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The US Securities and Exchange Commission (SEC) and Ripple Labs have filed to dismiss their respective appeals in the long-running XRP case, a move that will formally close one of the highest-profile crypto enforcement actions in crypto history, the SEC announced Thursday.
In a joint stipulation filed in the US Court of Appeals for the Second Circuit, both parties agreed to withdraw their respective appeals of a lower court decision, with each side covering their own costs and fees. The agreement extends to appeals involving Ripple executives Bradley Garlinghouse and Christian Larsen.
The dispute originated from the SEC’s 2020 lawsuit, which accused Ripple and its executives of conducting an unregistered securities offering of XRP that raised over $1.3 billion. US District Judge Analisa Torres ruled in 2023 that XRP sales on public exchanges did not constitute securities transactions, delivering a partial victory to Ripple while maintaining several other claims.
While the appellate proceedings have concluded, the district court judgment remains in effect, preserving the legal precedent that Ripple has characterized as an industry victory.
This is a developing story.
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