Ripple Labs takes an important step in its lengthy legal struggle with the US Securities and Stock Exchange Committee (SEC) by withdrawing its cross appeal regarding the sale of its XRP codes.
Tamulization movements to close the legal semester
CEO Brad Garlinghyus Declare On Friday, the decision on the social media platform X (previously Twitter), noting that Ripple and SEC are expected to drop their call, indicating a possible solution to a several -year conflict.
Garlinghouse stressed that the Blockchain payment company is determined to close this chapter and convert its focus towards its basic mission: building “the Internet of value”.
The decision comes after a loud period characterized by legal challenges on the classification of XRP as safety. This period was marked by the leadership of the former head of the Securities Council and the Stock Exchange Gary Ginsler, who was criticized for his “organizing it through implementation.”
SEC was previously prosecution Ripple, claiming violations of securities laws while selling XRP codes, which was a controversial problem in the cryptocurrency scene.
A turning point for XRP
The legal epic reached a pivotal moment in 2023 when one of the judges ruled that although XRP sales in public stock exchanges were legal, sales sales of $ 728 million for institutional investors were already violating securities.
After this ruling, both Ripple and SEC submitted the appeal, but discussions about the settlement appeared when the two parties agreed to solve the matter if the judge had put a judicial aspect and reduced a fine of $ 125 million imposed on Ripple. However, this was the request to reject By the judge, which prompted the recent Ripple decision.
By withdrawing its cross appeal, Ripple aims to accelerate the solution to this long legal battle, which threw a shadow on the company and the broader encrypted currency market.
As of the time of the press, the XRP price is slightly recovered, as it increased by 1.5 % about $ 2.14. This follows a sharp decrease of more than 4 % on Thursday, after Judge Torres’s decision caused the fourth largest encrypted currency to recover $ 1.90.
Distinctive image from Dall-E, Chart from TradingView.com
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