In a significant development for the cryptocurrency sector, Ripple’s Chief Legal Officer, Stuart Alderoty, announced on March 26 that the U.S. Securities and Exchange Commission (SEC) has agreed to unconditionally withdraw its appeal. This decision allows Ripple to also forgo its cross-appeal, streamlining their legal process. As part of the resolution, the SEC will retain $50 million of the $125 million penalty that has already been deposited in an interest-bearing escrow account. The remaining funds are set to be returned to Ripple, marking a pivotal moment for the company. Furthermore, the SEC intends to seek court approval for lifting a previously established standard injunction, all of which remains dependent on a Commission vote and the drafting of final legal documents. This development underscores the ongoing regulatory evolution within the cryptocurrency landscape, providing clarity for Ripple as it navigates its future.
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