Ripple Labs CEO Brad Garlinghouse confirmed via social media that the company will no longer pursue a cross-appeal in its ongoing litigation with the U.S. Securities and Exchange Commission (SEC). This strategic decision allows Ripple to concentrate fully on advancing its core mission of developing the Internet of Value, signaling a shift from legal battles to innovation and growth in the blockchain ecosystem.
Recently, the U.S. Southern District of New York Federal Judge Analisa Torres dismissed the SEC and Ripple’s settlement proposal for a second time. The settlement sought to reduce Ripple’s penalty to $50 million and remove the permanent injunction against the company. However, the court maintained the injunction, citing concerns that Ripple could potentially breach securities regulations in the future, underscoring the ongoing regulatory scrutiny facing crypto firms.