Why the XRP legal battle hasn’t finished officially yet

Ripple and the U.S. Securities and the SEC have been caught up in a long-standing legal dispute. And despite the joint attempt to end the fight, it is not over yet.

2020, SEC Charged ripples and two executives who implemented $1.3 billion unregistered securities for sale. XRP. 2023, Judge Mainly controlled by Ripple’s favormarks the optimistic point of the crypto industry’s regulatory battle.

but, Sec later appealed the verdictfollowed by a Cross appeal with Ripple.

Since President Donald Trump’s election and the establishment of code-friendly regulators, the two have been working towards a resolution. However, legal challenges have prevented both parties from marking the end of a long-term battle, but in the end, the right finish appears to be round the corner.

This looks back on some of the recent twists and turns.

Ripple boss says “The case is finished” – March 19th

In mid-March, Ripple CEO Brad Garlinghouse shocked Crypto World by announcing that the SEC would withdraw the appeal of long-standing lawsuits against businesses.

“This is the moment we’ve been waiting for. The SEC removes that charm. It’s an overwhelming victory to see everything, in ripple, in cryptography, in every way,” Garlinghouse posted on X.

News of XRP rising 14% And added to the mountain of investigations and lawsuits The regulator has retreated Under President Donald Trump’s administration.

Ripple penalty has been reduced to $50 million – March 25th

But Initially, he was ordered to pay $125 million. Fine, Ripple Labs said in March that the SEC agreed to pay just $50 million to end the dispute.

“The SEC will maintain $50 million, a $125 million fine (there is already cash escrow with interest). The balance will be reverted to Ripple,” Ripple’s Chief Legal Officer Stuart Aldeloty posted on X.

Additionally, Aldeorty noted that Ripple agreed to drop the attack following the SEC’s decision last week.

Ripple, SEC file to suspend appeals – April 10th

In principle, an agreement was reached in March. The parties have submitted a request Each appeal will be suspended in April.

This provided the first official confirmation that the regulator intends to withdraw the appeal, but the submission indicated that it is still subject to approval by the SEC committee member.

“The parties need additional time to obtain approval from the Committee of this Agreement and, if approved by the Committee, seek an indicator of the District Court.” Filing reads.

Crenshaw Crenshaw Slams Trading – May 8th

Almost a month after submission, SEC Commissioner Caroline Clenshaw Publicly condemned her agency’s settlement It uses Ripple Labs to undermine the court’s orders and agencies and their enforcement actions.

“This settlement, along with the disassembly of the SEC’s crypto-enforcement program program, will cause significant damage to the investment public and undermine the role of the court in interpreting securities law,” Crenshaw said in a statement.

Crenshaw added that the settlement is not the greatest profit of investors or markets.

Judge refuses settlement – May 16th

A week after Crenshaw’s statement, A federal court judge refused A joint bid from Ripple and the SEC to approve the settlement. The former would pay just $50 million, the original $125 million fine.

The judge cited procedural errors in the application that led to the decision as he bypassed the rules governing relief from the final judgment.

“Ripple’s victory will not change anything with today’s order,” said Alderory. Posted after the judge’s order. “Ripple and the SEC have fully agreed to resolve this case and will revisit this issue together with the court.”

Ripple asks Second Court to resolve injunction – June 13th

Almost a month after procedural issues derailed the settlement, the pair went to court. Dissolves ripple injunction Releases escrowed funds of $125 million from the original penalty.

This was the second mark that political parties tried to jointly end the ongoing conflict since 2020, but as in previous attempts, it had to be approved by Judge Torres, who had previously denied it.

Again denied, $125 million penalty stand – June 26th

Despite a second attempt to jointly end the long legal battle between the SEC and Ripple, Judge Analisa Torres I denied the pair again Last Thursday.

Torres cites the “persuasive case” of the SEC, which has been built over four years, finding that recent debates are seeking a resolution. Therefore, the judge refused to cut the $125 million payments or withdraw the injunction upon request.

“This has brought the ball back to our court,” Alderoti posted. “The court gave us two options: dismiss the appeal challenges the discovery of the historic institution’s sales, or advances the appeal. Either way, XRP’s legal status of not security remains unchanged. In the meantime, it is normal business.”

Ripple says it will drop appeal – June 27th

Following the latest court denial, Garlinghouse said late Friday that Ripple had decided to drop that cross appeal.

“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.”

Assuming everything goes as planned, it should ultimately end this long-term XRP saga. Stay tuned for an application that concludes with a clear conclusion.

Edited by Andrew Hayward