Ripple will lower the cross-appeal in case of the SEC, get a refund from lower court decision
The case of blockchain firm Ripple Labs’ along with the US Securities and Exchange Commission (SEC) may be officially wrapped after more than four years, subject to court approved.
According to a post on March 25 X from Chief Legal Officer Stuart Alderoty claimed what could be “the last update to Sec v. Ripple Ever,” the executive Says Ripple will lower his 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 looking for a Ripple responsible for $ 125 million is essentially standing, but the SEC will only retain $ 50 million of the Escrow value – the remaining balance will be returned to the ripple.
“The agency will also ask the court to raise the standard injunction imposed earlier at the SEC request,” Alderoty said. “Everything is subject to the vote of the commission, drafting final documents and common court processes.”
Ripple Chief Legal Officer Statement on the latest development with the SEC Case. Source: Stuart alderoty
Alderoty’s announcement came less than seven days after Ripple CEO Brad Garlinghouse said Sec will lower its appeal to the August 2024 judgment. At the time of publication, the SEC or Ripple did not show any filing in the second circuit since January 31.
This is a story development, and further information will be added as it is available.
