Ripple, SEC Appeals withdrawal...Sudden end to years-long legal dispute

Ripple, which had been engaging in a long-standing legal battle with the United States Securities And Exchange Commission (SEC), has finally withdrawn its appeal, and the lawsuit between the two sides has been completely concluded. On the 28th (local time), multiple foreign media reported that Ripple withdrew the remaining appeal procedures related to its dispute with the SEC.

This marks the end of the courtroom battle between Ripple and the SEC, which had begun at the end of 2020 and had a significant impact on the cryptocurrency industry, officially ending after about 4 years.

Previously, both sides had reached an agreement including reduction of fines (125 million dollars → 50 million dollars) and lifting of restrictions on XRP distribution, but the Southern District Court of New York rejected it twice due to procedural legitimacy reasons. Ultimately, as Ripple withdrew its appeal, the case concluded without additional judgment from the court.

This decision is evaluated as a significant turning point for Ripple in removing regulatory uncertainties. At the same time, it is analyzed that it could provide a positive signal to the overall cryptocurrency industry in the United States. The SEC, in turn, is expected to undergo a certain level of reorganization in its cryptocurrency policies and legal strategies due to the conclusion of this case.