Ripple to drop cross appeal against US SEC in crypto lawsuit, CEO says
June 27 (Reuters) - Ripple Labs will withdraw its cross appeal against the U.S. Securities and Exchange Commission in a prolonged legal battle tied to the sale of its XRP XRP= tokens, the crypto firm's CEO said on Friday.
"We're closing this chapter once and for all," Ripple Labs CEO Brad Garlinghouse said in a post on X, adding that the SEC was also expected to drop its appeal.
The move could bring the dispute closer to resolution after years of back-and-forth between the company and the regulator over the token's status as a security.
The SEC had sued Ripple for allegedly violating securities laws through the sale of its XRP tokens. In 2023, a judge ruled that XRP sales on public exchanges were legal, but the $728 million of sales to institutional investors broke the rules.
Both sides appealed, but later agreed to settle if the judge set aside her injunction and approved lowering the $125 million fine she had imposed on Ripple. However, the judge rejected their request on Thursday.
The SEC declined to comment.
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