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Ripple CEO Brad Garlinghouse said on Friday that the fintech will drop its cross appeal in a long-running case with the U.S. Securities and Exchange Commission.
The announcement comes just a day after U.S. District Judge Analisa Torres denied a proposal from Ripple Labs and the SEC to cut a $125 million penalty or toss out an injunction imposed against the XRP-linked firm last year.
That decision followed less than two weeks after the SEC and Ripple requested that the court lower a civil penalty over illegal XRP sales to $50 million—far less than the $2 billion sought under former Chair Gary Gensler—and remove restrictions on Ripple’s ability to sell the asset.
"Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they've previously said," Garlinghouse wrote on X. "We're closing this chapter once and for all, and focusing on what’s most important—building the internet of value. Lock in."
Editor's note: This story is breaking and will be updated with additional details.