Ripple and SEC End Legal Fight With Joint Dismissal of Appeals

Key Points

1. The SEC and Ripple Labs jointly dismissed their appeals in the Second Circuit, concluding the legal battle that began in December 2020.

2. The SEC had alleged Ripple conducted an unregistered securities offering by selling over $1.3 billion worth of XRP.

3. In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold to the public on exchanges, a landmark decision for the crypto industry.

4. The dismissal reflects a mutual agreement that further legal proceedings were not worth the potential benefits, with Ripple signaling its intent to withdraw its cross-appeal earlier in June.

5. The case's conclusion provides clarity on the treatment of digital assets under U.S. law, allowing Ripple to move forward without the uncertainty of prolonged litigation.