Shagi
07/11 03:09
XRP News Today: Ripple Drops Appeal, Eyes ETF Boom
XRP News Today: Ripple Drops Appeal, Eyes ETF Boom as SEC Case Nears End; BTC at $107k
- Ripple drops cross-appeal, signaling a potential end to its multi-year legal battle with the SEC over XRP's status.
- SEC expected to withdraw its appeal, which would solidify Judge Torres’ favorable ruling on XRP programmatic sales.
- ETF approval prospects improve if the SEC drops its appeal, potentially sending XRP toward record price levels.
SEC vs. Ripple Case: Ripple Drops Cross-Appeal to End Legal Saga
The twists and turns in the ongoing SEC vs. Ripple case continued to drive XRP volatility on Friday, June 27, but perhaps for the final time. Brad Garlinghouse, Ripple CEO, announced:
“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.”
Ripple withdrew its cross-appeal despite Judge Analisa Torres rejecting a second joint motion for an indicative ruling on settlement terms on June 26.
The legal community had expected Ripple to take time to decide on its legal response to Judge Torres’ ruling, with the appeal courts needing a status report on the settlement by mid-August. Ripple’s swift response underscored confidence in the SEC ending its pursuit of crypto firms.
Pro-crypto lawyer Bill Morgan reacted to the announcement, stating:
“The SEC v Ripple lawsuit is finally, finally, OVER. Common sense prevailed. Programmatic sales are not investment contracts. Ripple has found other ways to sell XRP to institutions. XRP itself is not a security.”
Amicus Curiae attorney John E. Deaton, who represented 80,000 XRP holders in the case had fewer words, simply stating:
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