Ripple Chief Legal Officer Stuart Alderoty has provided his final update on the high-profile legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Alderoty confirmed in a statement that the SEC agreed last week to unconditionally drop its appeal. In return, Ripple agreed to drop its cross-appeal, according to Alderoty. As part of the settlement, the SEC will retain $50 million of the previously imposed $125 million fine, which will be held in cash in an interest-bearing escrow account. The remaining balance will be returned to Ripple.
The SEC will also ask the court to lift the standard injunction previously imposed at the agency’s request, but Alderoty noted that those decisions are still subject to a vote by the SEC Commission, preparation of final documents and standard court processes.
This settlement marks the conclusion of a years-long legal dispute that has significantly impacted the cryptocurrency industry.
*This is not investment advice.
