Ripple and SEC Unanimously Drops Appeal and End Legal Battles

Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have unanimously agreed to withdraw their appeals against each other, with the Commission expected to reciprocate by dropping its appeal against the cryptocurrency firm.

Brad Garlinghouse, the CEO of Ripple, conveyed this development via an X post, stating that the company is relinquishing its cross-appeal.

He further elaborated that this move signifies the closing of a chapter, allowing the company to redirect its focus toward its core mission: the development of the Internet of Value. This decision follows closely on the heels of Judge Analisa Torres’s denial of a joint motion for an indicative ruling in the ongoing XRP lawsuit.

Ripple and SEC End Their Legal Battle

CoinTab previously reported that Judge Torres had suggested both sides could end the lawsuit by dropping their appeals. It seems both Ripple and the SEC have chosen this route instead of continuing their appeals.

Legal experts, such as Fred Rispoli, had expected this, predicting that Ripple and the SEC would not challenge Judge Torres’s decision on the injunction in a higher court. Therefore, the injunction is likely to stay as it is.

Importantly, both parties have already agreed that Ripple will pay $50 million. This is significantly less than the $125 million penalty Judge Torres initially ordered in the final judgment of the XRP lawsuit.

In a previous development that affected both parties in the case, Judge Torres denied a joint request for guidance on modifying the terms of a settlement agreement they had already reached. Defense attorney James Filan shared this ruling on X (formerly Twitter), highlighting how it could impact the finality of court decisions and when those decisions might be revisited.

Previous Appeal Rejection

Ripple and the SEC jointly requested that the court lift a permanent ban on the cryptocurrency company and reduce the fine. This wasn’t their first try; they had resubmitted the request two weeks earlier, but Judge Torres rejected it because it was filed incorrectly. This second attempt also failed, with the Judge stating that neither Ripple nor the SEC had shown the necessary “special reasons” to justify changing her earlier decision.

Judge Torres’s ruling shows she believes legal decisions should be final. She clearly stated that courts must strictly follow the rules for changing District Court judgments, especially when there are no “unusual circumstances.” The Judge stressed that this strict approach is essential for a fair and stable justice system.

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