Compass Investments

– Ripple is dropping its cross-appeal, and the SEC is expected to drop theirs as well, as they have announced before, Garlinghouse told X. We’re putting this case to rest and focusing on what’s important: building the Internet of Value. Case closed.

The announcement followed a federal judge’s decision to deny a joint motion by Ripple and the SEC to reduce Ripple’s fine to $50 million. Judge Analisa Torres ruled that the parties may not vacate the final injunction or modify the fine unless certain legal standards are met, which she said was not the case.

Despite this setback, both sides appear ready to move on. The original July 2023 ruling stated that XRP sales on public exchanges did not violate securities laws, but institutional sales totaling $728 million did. Ripple was fined $125 million and banned from such sales.