Ripple has officially dropped its cross-appeal against the SEC, signaling a pivotal conclusion to the long-standing XRP lawsuit.
The SEC is expected to follow suit by withdrawing its appeal, which will finalize the legal outcome and provide regulatory clarity.
According to COINOTAG, XRP exchange sales remain legal, while institutional sales continue to face restrictions under the court’s ruling.
Ripple ends its legal battle with the SEC by dropping its cross-appeal, confirming XRP exchange sales legality while institutional sales remain restricted.
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The Ripple versus SEC lawsuit has been a landmark case in the evolving landscape of cryptocurrency regulation. After years of litigation, Ripple’s decision to drop its cross-appeal marks a significant turning point. This move follows a June 26 ruling by Judge Torres, which denied attempts to modify the injunction or reduce penalties against Ripple. By accepting the court’s judgment, Ripple acknowledges the restrictions on institutional XRP sales and the imposition of a $102.6 million penalty. This development reduces legal uncertainty for XRP holders and market participants, reaffirming that XRP sales on exchanges are not classified as securities.
The court’s 2023 ruling distinguished between retail and institutional XRP sales, a nuance that has major implications for the crypto market. While retail XRP trading on exchanges remains legal and unaffected, institutional sales are still subject to securities regulations. This bifurcation provides clarity for retail investors but maintains regulatory oversight over larger, institutional transactions. Ripple’s CEO Brad Garlinghouse emphasized the company’s focus on innovation and building the “Internet of Value” following the legal resolution. The anticipated withdrawal of the SEC’s appeal will officially close this chapter, allowing Ripple and the broader crypto industry to move forward with greater regulatory certainty.
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Source: https://en.coinotag.com/ripple-may-end-legal-battle-with-sec-as-cross-appeal-is-dropped-xrp-exchange-sales-remain-legal/