Ripple chief legal officer Stuart Alderoty says that the end of the legal battle between the blockchain company and the U.S. Securities and Exchange Commission (SEC) is nearing its conclusion.
In a post on the social media platform X, Alderoty says that Ripple is ending its appeal against the SEC.
The development comes following the regulatory agency’s recent decision to officially drop its lawsuit against the San Francisco-based firm that it originally filed in December 2020.
“The final crossing of t’s and dotting of i’s – and what should be my last update on SEC v Ripple ever… Last week, the SEC agreed to drop its appeal without conditions. Ripple has now agreed to drop its cross-appeal.”
Alderoty says that Ripple will also pay only $50 million of the original $125 million fine that the US District Court for the Southern District of New York ordered the firm to pay in August for violating US securities laws through institutional sales of the XRP token.
“The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple. The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request.”
Crypto in America host Eleanor Terrett says there are essentially a few requirements left to finally put an end to the case.
“Once all of this has been voted on by the Commission, and the court documents are in order, the SEC vs. Ripple case will be over once and for all.”
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