- SEC and Ripple drop appeals, ending nearly five years of legal battles.
- XRP rises 11% as ETF hopes grow.
After nearly five years of courtroom combat, the US Securities and Exchange Commission and Ripple Labs are putting away their swords.
The two sides jointly agreed to dismiss their respective appeals in the XRP securities case, officially ending one of crypto’s largest legal battles and sending the token up 11% on Thursday.
“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple chief legal officer Stuart Alderoty wrote on X, “The end, and now back to business.”
According to the SEC, the joint stipulation covers Ripple Labs, CEO Brad Garlinghouse, and co-founder Christian Larsen.
The dismissal resolves the agency’s civil enforcement action, leaving in place a final judgment imposing a $125,035,150 penalty on Ripple and a permanent injunction against violating the registration provisions of the Securities Act of 1933.
Ripple had sought to cut that figure to $50 million as part of a conditional settlement, but Judge Analisa Torres rejected the proposal in June, ruling that neither side had “come close” to justifying a change to her final judgment.
ETFStore president Nate Geraci said the truce “clears the way” for spot XRP exchange-traded funds, with Bloomberg analysts putting approval odds at 95% ahead of an October deadline.
“I think BlackRock was waiting to see this before filing for iShares XRP ETF,” Geraci added, arguing it makes “zero sense” for issuers to ignore crypto assets beyond Bitcoin and Ethereum.
XRP is currently trading for $3.31.
Crypto market movers
- Bitcoin has gained 1.7% in the past 24 hours and is trading at $116,525.
- Ethereum is up 5.7% in the same period to $3,905.
What we’re reading
- Polymarket slammed for ‘disrespectful’ dildo throwing bets after second man is arrested at WNBA game — DL News
- What you missed this week — Milk Road
- New Battle Pits Crypto Against Banks in Battle for Customer Data. But Can Everyone Win? — Unchained
- Solana’s $6bn ‘dark’ exchanges make trading more efficient — but at a cost — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
