Ripple withdraws its cross-appeal against the SEC, ending the XRP lawsuit

Gate News bot message, Ripple CEO Brad Garlinghouse announced that Ripple will abandon its cross-appeal against the SEC, and the SEC will also take similar action by dropping its appeal against the crypto assets company.

He further pointed out that both parties will completely end this phase and focus on what truly matters, which is building a value internet. Just the day before, Judge Torres rejected the joint motion for an indicative ruling in the XRP lawsuit.

Judge Torres had informed both parties that they could choose to directly waive their appeals to end the litigation. Now, both parties have chosen this route instead of continuing to pursue their respective appeals.

Legal expert Fred Rispoli predicted that Ripple and the SEC would abandon their appeal rather than challenge Judge Torres' ruling on the injunction in the appellate court. As a result, the injunction will remain in effect.

However, both parties have reached an agreement that Ripple will pay $50 million, rather than the $125 million fine ordered by Judge Torres in the final ruling of the XRP lawsuit. This judgment will ultimately end the legal dispute that began in December 2020.

Source: CoinGape