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After almost five years, the Securities and Exchange Commission (SEC) and Ripple Labs have jointly agreed to withdraw appeals, bringing an end to one of the most significant legal battles in the crypto industry. At the end of June, Ripple CEO Brad Garlinghouse hinted at such a possibility, stating that Ripple would withdraw its appeal and expects that the SEC will follow suit.
The ruling by Judge Analisa Torres issued in July 2023 in the case of SEC vs. Ripple Labs will remain final. According to the decision, Ripple was fined $125 million for the direct sale of XRP to certain institutional investors in violation of federal securities laws, but the sales of XRP on the secondary market through cryptocurrency exchanges were deemed legal.