XRP News: Ripple Drops Appeal Against SEC, Case Officially Concluded

In a significant development for the cryptocurrency world, Ripple has officially ended its legal battle with the Securities and Exchange Commission (SEC). Here’s a detailed summary of the events that led to this conclusion.

Ripple Drops Appeal Against SEC, Case Officially Ends

Ripple has dropped its appeal against the SEC after paying $50M, officially ending the case that began in December 2020. The remaining $75 million held in an interest-bearing escrow account is being returned to the company. The SEC has also agreed to withdraw its appeal. Stuart, in his final update on the case, confirmed that the SEC agreed to drop its appeal without conditions, and Ripple agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine, with the balance returned to Ripple. The agency will also ask the Court to lift the standard injunction imposed earlier.

XRPTurbo Presale Raises Over 160,000 XRP

XRPTurbo, the innovative DeFi and token launchpad specifically built for the XRP Ledger (XRPL), has successfully raised over 160,000 XRP in its ongoing presale, surpassing 50% of its hard cap target. With fewer than seven days remaining in the presale period, participation has continued steadily as the platform approaches its fundraising target. Positioned as a launchpad tailored for the XRP Ledger, XRPTurbo aims to provide infrastructure for projects seeking to develop within the XRPL ecosystem. While the XRP Ledger is renowned for its low transaction costs, high speed, and enterprise-grade reliability, it historically lacked essential developer tools and intuitive interfaces. To fully realize XRPL’s vision of institutional and mainstream DeFi adoption, simple mechanisms for project launches are necessary.

Ripple to Retain $75 Million From SEC as XRP Lawsuit Ends

The Ripple vs SEC lawsuit, one of the most significant crypto enforcement actions during Gary Gensler’s tenure, has reached its final stage. The SEC has agreed to drop its appeal without conditions, and Ripple has agreed to drop its cross-appeal. As a result, Ripple will retain $75 million from the $125 million fine, with the SEC keeping the remaining $50 million. Most importantly, Ripple will likely be able to offer XRP tokens to institutional investors, which could impact market liquidity and ETF approval odds.

Ripple Drops Cross-Appeal Against SEC, XRP Price Unchanged

Ripple has agreed to drop its cross-appeal against the SEC, bringing its case with the agency to a conclusion. Ripple’s chief legal officer Stuart Alderoty announced that the SEC will keep $50 million of the original $125 million fine and return the balance to Ripple. The SEC will also ask Judge Analisa Torres to remove the injunction placed on Ripple. Despite this positive development, XRP’s price remained relatively muted.