Ripple CEO Brad Garlinghouse said Friday that Fintech would drop cross appeal in a long-term U.S. Securities and Exchange Commission case.
The announcement comes a day after U.S. District Judge Annalisa Torres rejected a proposal to cut a $125 million penalty from Ripple Labs and the SEC and to abandon the injunction imposed against XRP affiliates last year.
That decision comes less than two weeks after the SEC and Ripple demanded that the civil penalty for illegal XRP sales be reduced to $50 million.
“Ripple is dropping our cross appeal and it is expected that the SEC will drop their appeal, as previously said, “Garlinghouse wrote it on X.”
Editor’s Note: This story is broken and will be updated with additional details.
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