SEC and Ripple End Appeals, Closing Landmark Crypto Case as XRP Soars
Main Idea
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. have formally settled their dispute over the sale of XRP tokens, with Ripple agreeing to pay a $125 million civil penalty.
Key Points
1. The SEC and Ripple filed a joint withdrawal of the SEC's appeal in the U.S. Court of Appeals for the Second Circuit, finalizing a June agreement.
2. Ripple will pay a $125 million civil penalty, which will be transferred to the U.S. Treasury.
3. XRP's price surged over 10% to $3.31 following the news of the settlement.
4. The SEC initially sued Ripple in December 2020, alleging an unregistered securities offering through XRP sales.
5. Ripple denied the allegations, arguing XRP is not a security, and the SEC later dropped claims against Ripple executives Brad Garlinghouse and Chris Larsen in October 2023.
Description
The SEC and Ripple have formally ended their appeals, finalizing a 2023 court ruling that split XRP sales into securities and non-securities.
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