Appeals Court ends XRP lawsuit as Ripple and SEC drop appeals, with Ripple paying $125M fine and XRP surging 13% to $3.51.
The XRP Lawsuit concluded with the court’s sanction of the SEC and Ripple’s joint dismissal of their respective appeals. This concludes a legal dispute that has persisted for nearly five years. In the interim, the price of XRP has increased in response to this development.
The court has approved the SEC and Ripple’s dismissal of the XRP lawsuit
In an X post, defense counsel James Filan disclosed that the Second Circuit has approved the Joint Stipulation of Dismissal that the SEC and Ripple had previously submitted. The case has been officially concluded as the Commission has withdrawn its appeal, and the crypto firm has withdrawn its cross-appeal.
As previously stated, the XRP litigation has not been over until now, as the court still requires the filings of both parties to be approved. This is why the SEC was required to submit a status report last week, stating that the dismissal stipulation was still pending and anticipating the court’s approval.
The SEC, as the appellant, and Ripple, along with its executives Chris Larsen and Brad Garlinghouse, as the cross-appellants, had filed the joint dismissal before that time to conclude the legal dispute. The crypto firm will now proceed to resolve the monetary judgment that Judge Analisa Torres had issued against it, as the court has approved the dismissal.
Ripple will be required to pay the Securities and Exchange Commission $125 million as a penalty for its securities violations. This amount was held in escrow until the appeal case was resolved. Ripple and the other party had previously agreed they should pay $50 million instead of $125 million. Nevertheless, Judge Torres declined to issue an indicative judgment on adopting this settlement agreement.
This development has increased the price of XRP. The altcoin is trading at approximately $3.10, an increase of more than 8% in the past 24 hours, according to TradingView data.
