Key Takeaways
- The SEC and Ripple have agreed to withdraw their appeals in the XRP litigation, ending a major phase of their legal battle.
- The district court’s ruling that XRP sales on public exchanges are not securities transactions remains in effect.
Share this article
The US SEC and Ripple Labs agreed to drop their appeals in the XRP token litigation, ending a major phase of their years-long legal battle that has influenced crypto regulatory oversight.
In a joint stipulation filed in the US Court of Appeals for the Second Circuit, both parties agreed to withdraw their respective appeals of a lower court decision, with each side covering their own costs and fees. The agreement extends to appeals involving Ripple executives Bradley Garlinghouse and Christian Larsen.
The dispute originated from the SEC’s 2020 lawsuit, which accused Ripple and its executives of conducting an unregistered securities offering of XRP that raised over $1.3 billion. US District Judge Analisa Torres ruled in 2023 that XRP sales on public exchanges did not constitute securities transactions, delivering a partial victory to Ripple while maintaining several other claims.
While the appellate proceedings have concluded, the district court judgment remains in effect, preserving the legal precedent that Ripple has characterized as an industry victory.
This is a developing story.
Share this article
