The XRP Lawsuit is completely over, following the court’s approval of the SEC and Ripple’s joint dismissal of their respective appeals. This puts to bed an almost five-year-long legal battle. Meanwhile, the XRP price is up amid this development.
Court Approves SEC and Ripple’s Dismissal of The XRP Lawsuit
In an X post, Defense lawyer James Filan revealed that the Second Circuit has approved the Joint Stipulation of Dismissal, which the SEC and Ripple earlier filed. This officially ends the case as the Commission has dropped its appeal, while the crypto firm has dropped its cross-appeal.
As CoinGape earlier reported, the XRP lawsuit wasn’t over before now, as the court still needed to approve the filing from both parties. This was why the SEC had to file a status report last week stating that the dismissal stipulation was still pending and awaiting the court’s approval.
Before then, the SEC, as the appellant, and Ripple, alongside its executives Chris Larsen and Brad Garlinghouse, as the cross-appelants, had filed the joint dismissal to put the legal battle to bed. With the court now approving the dismissal, the crypto firm will now move to settle the monetary judgment that Judge Analisa Torres had ordered against it.
Ripple will pay $125 million to the SEC as a penalty for its securities violations. This sum was in escrow pending the completion of the appeal case. Both parties had earlier agreed that Ripple should pay $50 million instead of $125 million. However, Judge Torres opted against giving an indicative ruling to adopt this settlement agreement.
The XRP price is up amid this development. TradingView data shows that the altcoin is currently trading at around $3.10, up over 8% in the last 24 hours.
“Goodbye Case From Hell”
In an X post, pro-crypto lawyer John Deaton reacted to the news of the court’s approval of the XRP lawsuit dismissal, describing the case as one “from hell.” Deaton was instrumental in the case as he filed an amicus brief back in 2021 on behalf of XRP holders to dispute the SEC’s claim about the altcoin being a security.
Legal expert Fred Rispoli also confirmed that this was the end of the long-running legal battle. With this, the SEC is expected to approve the pending XRP ETF applications by the October deadline. The Commission recently delayed all five XRP ETF filings till October. Specifically, October 18 is when the SEC will have to make a final decision on Grayscale’s fund, which was the first spot XRP filing.
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Source: https://coingape.com/u-s-appeals-court-approves-dismissal-of-xrp-lawsuit/
