XRP Surges 11% As Ripple, SEC Drop Appeals, Ending Landmark Legal Fight
The XRP price surged almost 12% after Ripple and the US Securities and Exchange Commission ended their years-long legal battle, jointly dismissing appeals in a case that has loomed large over crypto regulation since 2020. According to an Aug. 7 court filing , the Second Circuit Appeals Court acknowledged the dismissal of both Ripple and the SEC’s appeals, effectively finalizing the 2023 ruling by Judge Analisa Torres. The court also noted that each party will bear its own legal costs and fees. “The end,” said Ripple’s chief legal officer Stuart Alderoty in an Aug. 7 X post. “And now back to business.” Ripple Still To Pay $125 Million Fine While Ripple will still pay a $125 million fine over institutional XRP sales—far less than the $2 billion originally sought by the SEC—t he joint dismissal means that the 2023 ruling by New York judge Analisa Torres stands as precedent. Her decision was at the heart of the appeals filed last year and ...