The US Securities and Exchange Commission (SEC) and Ripple Labs have jointly agreed to drop their appeals in the Second Circuit, according to a joint stipulation of dismissal filed on Thursday. Both parties will bear their own costs and fees.
Ripple CEO Brad Garlinghouse had previously announced his firm’s intention to drop its cross-appeal, saying they were “closing this chapter once and for all” and focusing on building the Internet of Value.
A 2023 mixed ruling by Judge Analisa Torres will remain in effect. The judge ruled that hundreds of millions of dollars of XRP sold to institutional investors were unlawful securities sales, but took Ripple’s side on “blind bid” sales to retail investors.
The news led to a significant increase in the price of XRP, which rose over 7% from about $3.04 to $3.27 at the time of publication.
Source: https://www.theblock.co/post/366096/sec-ripple-to-end-legal-battle-as-both-parties-abandon-appeals-leaving-xrp-ruling-intact