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The SEC and Ripple have officially settled their 4-year legal battle, upholding the initial court ruling.
BlockBeats News, August 8th, the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has officially concluded after four years. The two parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing the voluntary dismissal of the appeal against the July 2023 first-instance judgment.
It is reported that each party will bear its own litigation costs and uphold the original judgment of District Court Judge Analisa Torres, which includes:
· Ripple's sale of XRP to institutional investors constitutes a violation of securities laws
· Imposition of a $125 million fine
· Issuance of a permanent injunction to prohibit future violations
Prior to this, in 2020, during former Chairman Jay Clayton's tenure (now the current U.S. Attorney for the Southern District of New York), the SEC sued Ripple, accusing it of violating securities laws by selling XRP tokens.
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