Ripple Withdraws Cross Appeal Against US SEC
Ripple and the U.S. Securities and Exchange Commission (SEC) have officially ended their prolonged legal battle, with both parties agreeing to withdraw their remaining appeals. The resolution, announced by Ripple’s Chief Legal Officer Stuart Alderoty, marks the conclusion of a case that has significantly impacted the cryptocurrency industry since its inception in 2020. Alderoty stated that the SEC has dropped its appeal without conditions, while Ripple has agreed to withdraw its cross-appeal. As part of the settlement, the SEC will retain $50 million of the previously imposed $125 million fine, which had been placed in an interest-bearing escrow account. The remaining amount will be returned to Ripple. Part of the CLO’s tweet read: “The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request. All subject to the Commission vote, drafting of final documents, and usual court processes.” End of a High-Profile Legal Battle The case began in December 2020 when the SEC accused Ripple of unlawfully selling XRP as an unregistered security. Ripple challenged the allegations, arguing that XRP should not be classified as a security and that the SEC had not provided clear regulatory guidance. The lawsuit led to years of legal disputes and industry debate over cryptocurrency regulations in the United States. A series of court rulings throughout 2023 and 2024 partially favored Ripple, with a judge determining that certain XRP transactions did not constitute securities offerings. However, Ripple was still required to pay penalties related to institutional XRP sales. The latest agreement officially brings the case to a close, eliminating any remaining legal uncertainties for Ripple and its XRP token. Broader Implications for the Crypto Industry The resolution of SEC v. Ripple is expected to have broader implications for the cryptocurrency sector, particularly regarding regulatory clarity for digital assets. The case has been closely watched as a key legal precedent in determining how cryptocurrencies should be classified under U.S. securities laws. While the settlement does not establish a definitive legal framework for digital asset regulation, it highlights ongoing tensions between crypto firms and regulatory authorities. Market participants will likely continue seeking clearer guidelines from policymakers and regulators in the aftermath of the Ripple case. With this chapter closed, Ripple can shift its focus away from legal battles and toward business growth while the SEC’s approach to crypto enforcement remains under scrutiny.
SEC Drops Five-Year-Long Ripple Lawsuit, Ending Legal Battle Over XRP
The U.S. Securities and Exchange Commission (SEC) has decided to drop its lawsuit against Ripple, marking the end of a five-year legal dispute over the status of the XRP cryptocurrency. Ripple CEO Brad Garlinghouse announced the decision in an X post, calling it a victory for the company and the broader crypto industry. However, the SEC’s move remains subject to a final Commission vote. Ripple Lawsuit Ends After Years of Legal Dispute The SEC first sued Ripple in 2020, alleging that the company violated securities laws by selling XRP as an unregistered security to institutional investors. The case became a landmark battle in crypto regulation, with Ripple challenging the SEC’s stance on digital assets. In 2023, U.S. District Judge Analisa Torres ruled that XRP was not a security in certain sales, dealing a major blow to the SEC’s argument. The ruling was seen as a key moment in the regulatory landscape, influencing how digital assets are classified under existing securities laws. Garlinghouse described the lawsuit as an attempt by the SEC to intimidate the crypto industry. He emphasized that while former SEC Chair Jay Clayton initiated the lawsuit, current Chair Gary Gensler aggressively pursued it. Impact on Crypto Regulation and Future Outlook Garlinghouse said the case has paved the way for clearer regulatory guidelines in the crypto industry. He noted that Ripple’s legal battle set a precedent that could benefit other crypto firms facing similar challenges. The lawsuit’s resolution comes amid shifting regulatory attitudes in the U.S. Garlinghouse pointed to changes in leadership within the executive and legislative branches as an opportunity to shape a more balanced approach to crypto regulation. With the case now closed, Ripple is expected to focus on expanding its business without the legal uncertainty that had loomed over it for years. Meanwhile, the SEC’s decision not to pursue an appeal signals a potential shift in how regulators approach digital assets going forward.
Vermont’s Lawsuit Against Coinbase Comes to an End
Vermont has withdrawn its “show cause order” against Coinbase. The state’s Department of Financial Regulation announced it through a March 13 court order. According to the publicized document, Vermont dropped the lawsuit against the exchange without prejudice, allowing the state to reopen the case if necessary. Also, the court order stipulated that each side shall bear its legal costs, implying that neither party is responsible for the other’s expenses bokep sub indo. Vermont’s Decision Aligns with the SEC Vermont’s financial regulatory department stated its decision aligned with the US Securities and Exchange Commission (SEC) closing its investigations into Coinbase in February. On February 21, Coinbase and the SEC agreed to resolve their legal dispute. The termination of the court case did not involve fines or implications of misconduct Cekijp. Aside from the SEC, the new Crypto Task Force formation influenced Vermont’s decision. “The SEC has announced the formation of a new task force to, among other things, guide the promulgation of rules regarding the regulation of cryptocurrency products and services,” the department stated. Origin of the Vermont vs. Coinbase Legal Battle The court case between both parties dates back to June 2023. On June 6, the SEC and ten other US states, including California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Alabama, Washington, Vermont, and Wisconsin, filed lawsuits against the American exchange alleging that it offered users unregistered securities Zorro4d login. Vermont’s Department of Financial Regulation “show cause order” specifically criticized Coinbase for offering unlicensed staking to users. It demanded that the trading platform provide reasons why the court shouldn’t order them to stop the service. Coinbase CLO Reacts In a March 13 tweet, Paul Grewal, Coinbase’s Chief Legal Officer (CLO), confirmed the case’s dismissal. He praised Vermont for embracing progress and providing clarity for its citizens who own digital assets. The CLO also reiterated that staking services have never been securities. In a follow-up tweet, Grewal advocated for comprehensive legislation to cover every digital asset, including staking. He stated, “Our work isn’t over. Congress must seize the bipartisan momentum we’re seeing across the House and Senate to pass comprehensive legislation that takes into account the novel features of digital assets, such as staking.” The CLO also urged other US states that had filed similar lawsuits against Coinbase to withdraw them kebo88.
