u.today
Ripple CEO Brad Garlinghouse has announced that the company is dropping its cross-appeal against the U.S. Securities and Exchange Commission, putting an end to a lengthy legal battle.
The SEC is also expected to drop its appeal, which was filed in October under the leadership of former head Gary Gensler.
As reported by U.Today, Judge Analisa Torres recently denied a key joint motion from Ripple and the SEC to amend the final judgment in the closely-watched legal case. The SEC previously agreed to reduce the monetary penalty to $50 million and ask to dissolve the injunction against Ripple's institutional sales. However, the parties failed to persuade the court.
Ripple was expected to either continue pursuing its cross-appeal to reduce or drop the appeal and settle for the higher penalty ($125 million) and the permanent injunction.
XRP is still in the red despite the announcement, currently trading at $2.11, according to CoinGecko data.