The legal battle between Ripple and the Securities and Exchange Commission (SEC) has officially concluded. Last week, the SEC decided to withdraw the appeal, clearing the path to a final resolution that both sides have now agreed to.
As part of the settlement, Ripple will pay a $50 million fine. Additionally, Ripple agrees to drop that crossing. This means they will not challenge the SEC’s previous ruling.
An important part of the resolution is that the court will lift an injunction (legal restrictions) placed on Ripple at the request of the SEC. This means that ripple will be free to operate without that limitation. Ripple’s chief executive Stuart Aldeloty confirmed the news and said, “The SEC dropped the appeal and Ripple dropped that cross appeal.”
What happens next?
While some documents and court actions need to be finalised, legal experts hope that the rest of the process will go smoothly. Attorney Fred Rispoli provided a timeline for the final steps. “I believe that the paperwork has already been prepared with the announcement of @S_aldeloty. Now we are waiting for a vote by the SEC committee.”
Timeline: When will it be completed?
Rispoli explained the timeline:
- The SEC Committee will vote within 30 days.
- The application for the injunction will be made immediately and approved.
- Within 60 days, the case will be 100% officially made.
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