- Ripple and SEC mutually dismiss appeals, officially ending the long-running XRP lawsuit.
- Judge Torres mixed 2023 ruling remains as the final, unchallenged judgment.
- Each party agrees to pay its own legal costs in the final court filing.
Ripple Labs and the US Securities and Exchange Commission (SEC) have formally ended their long-running legal dispute, with both parties jointly agreeing to dismiss their respective appeals in the US Court of Appeals for the Second Circuit.
This final step concludes a legal battle that began in 2020 when the SEC alleged Ripples sale of its XRP token violated securities laws. The agreement, filed on Thursday, states that each party will cover its own legal costs.
The resolution leaves in place US District Judge Analisa Torres 2023 ruling, which found that Ripples XRP sales to institutional investors were unregistered securities offerings, resulting in a US$125 million (AU$191.5 million) civil penalty and an injunction against further violations.
However, the judge sided with Ripple regarding XRPs secondary market sales on crypto exchanges, concluding they did not violate securities laws.
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Ripple had earlier signalled its intention to drop the cross-appeal. CEO Brad Garlinghouse said in June that the company was shifting its focus from the SECs war on crypto and entering the next market phase.
Following the filing, Ripples Chief Legal Officer, Stuart Alderoty, posted on X, The end& and now back to business.
XRPs price rose almost 11% after the announcement, trading at approximately US$3.32 (AU$5.09) at the time of publication.
The cases resolution leaves Ripple with a partial legal win and broader clarity on XRPs regulatory status in the US. With this chapter closed, Ripple is expected to refocus on its international operations and future expansion.
Related: Ripples RLUSD Stablecoin Hits $600M Market Cap, as XRP Leads Market Rally
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