Stuart Alderoty, chief legal officer at Ripple, has announced that the company's long-lasting legal battle with the U.S. Securities and Exchange Commission is finally over after more than four years.
He has revealed that the SEC will keep only $50 million of the $125 million fine that was initially imposed on the company last August by Judge Analisa Torres as part of the court's final judgment.
The SEC will also ask the court to drop the injunction issued by Judge Torres that has barred Ripple from selling XRP tokens to institutional investors.
The agency has yet to hold an internal vote to finalize the agreement. However, it is extremely likely to be approved given the agency's pro-crypto U-turn.
Tomiwabold OlajideAs reported by U.Today, the SEC dropped its appeal against Ripple last week, causing a short-lived XRP rally. However, there was still some uncertainty surrounding Ripple's cross-appeal. During a Bloomberg interview, Ripple CEO Brad Garlinghouse indicated that the company was weighing its options, claiming that the company was "in the driver's seat."
The XRP price added a minuscule 1.25% following Alderoty's announcement, which indicates that market participants have already moved on.
Vladislav Sopov
Dan Burgin