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Ripple Declares "Back to Business" Following SEC Settlement
Ripple has officially declared its intent to get "back to business" after reaching a settlement that concludes its prolonged legal dispute with the U.S. Securities and Exchange Commission (SEC). The announcement came from Ripple's chief legal officer, Stuart Alderoty, shortly after both parties filed a joint dismissal of their appeals. This final action brings to a close a legal battle that has lasted for several years and had significant implications for the cryptocurrency market.
Settlement and Terms of Resolution
The conclusion of the lawsuit was initiated by a settlement agreement in late March. The terms of this agreement included a $125 million civil penalty for Ripple and a permanent injunction that prohibits the company from selling XRP to institutional investors within the United States. Following the settlement, Ripple decided to drop its cross-appeal against the SEC in late June, after a judge rejected its motion to amend her final ruling based on the settlement terms. This joint dismissal marks the definitive end of the litigation and clears the path for Ripple to move forward.