Ripple will drop cross-appeal in SEC case, get refund from lower court ruling
Ripple chief legal officer Stuart Alderoty said the firm had agreed to drop its cross-appeal with the SEC and will be refunded roughly $75 million from an August 2024 judgment.
Blockchain firm Ripple Labs’ case with the US Securities and Exchange Commission (SEC) may be officially wrapped up after more than four years, subject to court approval.
In a March 25 X post, Ripple Chief Legal Officer Stuart Alderoty wrote, in ”what should be my last update on SEC v. Ripple ever,” that Ripple will drop its cross-appeal against the SEC in the US Court of Appeals for the Second Circuit. An August 2024 judgment from the US District Court for the Southern District of New York finding Ripple liable for $125 million will essentially stand, but the SEC will keep only $50 million of the amount in escrow. The remaining balance will be returned to Ripple.
“The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request,” wrote Alderoty. “All subject to Commission vote, drafting of final documents and usual court processes.”
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Author: Turner Wright
