After more than four years of back-and-forth litigation, it's finally over.
The United States Court of Appeals for the Second Circuit has officially closed the U.S. Securities and Exchange Commission (SEC) v. Ripple case at the appellate level.
Earlier this year, the SEC and Ripple filed a joint stipulation in the appeals court in order to request the dismissal of the agency's appeal as well as Ripple's cross-appeal.
The appeals court has now accepted the joint stipulation, officially putting an end to the grueling legal case that has dragged on since late 2020.
As reported by U.Today, the SEC and Ripple reached a settlement earlier this year following the exit of former Chair Gary Gensler. The SEC agreed to reduce Ripple's monetary penalty as well as drop the permanent injunction preventing the company from conducting institutional XRP sales in the US.
However, the case has now ended with Judge Torreses's final judgment remaining intact after she refused to amend it.
XRP's tepid reaction
The price of the XRP token has barely budged following the recent development, which has been mostly priced in by the market.
However, it is still up by nearly 7% over the past 24 hours after the Federal Reserve's dovish U-turn.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team