XRP’s Price Skyrockets by 13% as Ripple and SEC Drop Court Battle
Main Idea
The SEC and Ripple have jointly filed to dismiss their appeals, ending a five-year legal battle over whether XRP is a security, with Ripple paying a $125 million fine, significantly lower than the SEC's initial $2 billion demand.
Key Points
1. The SEC and Ripple filed a joint dismissal of appeals with the US Court of Appeals for the Second Circuit, concluding the legal dispute.
2. The SEC initially sued Ripple in December 2020, alleging an unregistered securities offering through the sale of XRP.
3. In 2023, a federal judge ruled that XRP sales did not constitute unregistered securities, and Ripple was fined $125 million, far less than the SEC's $2 billion demand.
4. XRP's price surged 13% following the news, reaching $3.36, its highest level since July 23, and is now 7.7% below its all-time high of $3.65.
5. The crypto community, particularly the 'XRP Army,' celebrated the dismissal as a victory for the industry.
Description
A new court filing on August 7 from the US Securities and Exchange Commission and Ripple Labs stated that both parties have agreed to dismiss their appeals. The move has brought official closure to one of the longest-drawn-out and most closely observed crypto lawsuits in history. In the joint stipulation of dismissal filed with the US Court of Appeals for the Second Circuit, both parties wrote: #XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The parties have filed a Joint Dismissal of the Appeal...
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