The U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs, which began in 2020, has officially concluded. On Thursday, both parties notified the Second Circuit Court of Appeals that they are voluntarily dismissing their appeals of a 2023 district court ruling.
That ruling had found Ripple’s sale of XRP to institutional investors violated securities laws, but not its sales to retail investors through exchanges. Ripple was fined $125 million and permanently restrained from further violations.
The SEC, under Chair Gary Gensler, appealed the retail sales portion in 2024. Ripple, in turn, filed a cross-appeal. But both sides have now agreed to end the matter.
Each party will bear its own legal costs. Ripple CEO Brad Garlinghouse called the decision a final closure on the years-long legal uncertainty.
This marks a landmark moment for the crypto industry and provides more clarity on how securities law might be applied to digital assets like XRP in the future.
You need to login in order to Like
Leave a comment