The post ‘Chapter Closed’ as XRP Surges 5% on SEC Appeal Withdrawal appeared on BitcoinEthereumNews.com.

Judge Analisa Torres has denied a joint motion filed by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.  Ripple CEO Brad Garlinghouse has disclosed that they would drop their cross appeal, hoping the SEC does the same to “close the chapter”.  CNF recently reported in a comprehensive update that the US Securities and Exchange Commission (SEC) and Ripple Labs have filed a joint motion at the Manhattan federal court to reverse an order that defines the primary sales of XRP and reduce the $125 million civil penalty imposed for breaching federal securities laws. In that filing, $50 million of the amount held in escrow was proposed to go to the SEC, while $75 million was to be returned to Ripple, as also outlined in our recent coverage. However, Judge Analisa Torres has, in a recent ruling, denied this joint motion. According to the ruling, both parties failed to prove the “exceptional circumstances” needed to vacate a final judgment. Basically, this judgment is reported to mean that XRP remains legally restricted from institutional sales. However, its retail sales remain unaffected. Ripple Responds to the Ruling Explaining what this means, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, highlighted that the “ball is back in their court”. According to him, two main options have been given to them by the court – Ripple could either dismiss the appeal that challenges the finding on its institutional sales or continue with it. Most importantly, he clarified that XRP’s legal status as non-security has not changed. Prior to this latest ruling, Pro-XRP lawyer Bill Morgan had indicated that the case could likely be prolonged if the judge rules against the joint motion. The reason is that both parties would have the option to proceed with their respective appeals. Similarly, expert James Farrell predicted that…

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Filed under: News - @ June 28, 2025 8:29 am