Judge Analisa Torres was a key factor in Ripple’s decision to back down.
Brad Garlinghouse, CEO of Ripple, has given the legal battle for completion.
The prolonged legal dispute between Ripple Labs and the United States Stock Exchange and Securities Commission (SEC) seeks its end. This Friday, the company’s CEO, Brad Garlinghouse, announced that they decided to withdraw their appeal in the case, while the SEC also plans to give up from its own, putting an end to this extensive judicial chapter.
The announcement occurred one day after Judge Analisa Torres, of the Southern New York District Court, rejected the last proposal for agreement presented jointly by both parties. As Cryptonotics reported, this resource sought to reduce the civil fine imposed to Ripple from 125 million to 50 million dollars.
Torres considered that the arguments submitted by the joint request are not solid enough to cancel the judicial ruling. The judge had already rejected another request in May, arguing problems of jurisdiction and procedure.
Given these rejections and without signs of flexibility by the court, Ripple’s decision to withdraw his appeal implies accepting the original fine of 125 million dollars.
To give the ad, Garlinghouse wrote In a publication: «Ripple is withdrawing our cross appeal and the SEC also plans to do so, as he had announced. We definitely close this stage and we will focus on the most important thing: build the internet of value. We are ready!
The legal dispute against Ripple began in 2020when the SEC, under the presidency of Jay Clayton, accused the company of violating federal securities laws through the sale of its XRP cryptocurrency.
In 2023, Judge Torres determined that XRP sales to retail investors in public markets did not constitute values transactions. However, he concluded that sales to institutional investors did violate the corresponding laws, marking a key point in the case.
With the final retirement of the appeals, this controversy is expected to keep the XRP community in suspense for years, it will reach its formal conclusion.
