- Ripple has dropped its appeal in its legal fight with the SEC.
- The SEC is expected to withdraw its appeal as well.
- The move clears a path for a potential spot XRP ETF.
The judge in Ripple’s case against the Securities and Exchange Commission gave them two options: fight on or walk away.
And less than a day later, Ripple made its choice.
The firm is dropping its cross-appeal in the nearly five-year legal fight, signalling it’s ready to move on after a drawn-out battle over XRP’s status.
CEO Brad Garlinghouse confirmed the decision Friday, adding that the SEC is expected to withdraw its own appeal as well.
“We’re closing this chapter once and for all, and focusing on what’s most important — building the Internet of Value,” Garlinghouse wrote on X.
The move comes after Judge Analisa Torres rejected the parties’ conditional settlement deal, which would have dissolved Ripple’s injunction and reduced its penalty to $50 million.
Torres ruled that neither Ripple nor the SEC had “come close” to justifying the request to alter her final judgment.
If the SEC also drops its appeal, Ripple will end up forking over $125 million in penalties, and the case will be finished.
Bring on the ETFs
ETFStore president Nate Geraci noted that ending the appeals could clear a path for new market products, including spot price XRP exchange-traded funds.
“Closed chapter on this clears way for spot XRP ETF,” he wrote, adding that BlackRock may now be positioned to enter.
Several XRP ETF applications are currently pending before the SEC, with a final decision deadline set for October. Bloomberg ETF analysts put the odds of approval at 95%.
XRP ticked 4.5% higher following the news, and is now trading at $2.20.
Crypto market movers
- Bitcoin has gained 0.5% in the past 24 hours and is trading at $107,475.
- Ethereum is down 0.6% in the same period to $2,425.
What we’re reading
- Humanity Protocol token plummets as founder admits network could be up to 88% bots — DL News
- AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High — Unchained
- ETH, dead? Lol — Milk Road
- Resupply developer donates $1.4m after protocol suffers $9m exploit — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com
