XRP’s price rose more than 3% on Friday after Ripple Labs CEO Brad Garlinghouse said the company’s cross-appeal to the Securities and Exchange Commission (SEC) and expected regulators to do the same.
“Ripple gave up on our cross-competition and expected the SEC to give up on their appeal as they had previously said,” Garlinghouse explain In Friday’s X post. xrp(XRP), a cryptocurrency associated with Ripple Labs, surged 3.36% to $2.18 just five hours after the position, according to Used to share market cap data.
Garlinghouse announces return to regular action
“We will close this chapter once and for all and focus on what matters most – building the Internet of Value. Locking.”
The announcement is on the second day U.S. District Court denies a joint motion Indicative rulings were filed from the SEC and Ripple to reduce civil fines of $125 million and reverse the main sales of XRP to institutional investors as securities transactions under Article 5 of the Securities Act.
“Ultimately, the court partially granted the SEC’s demand for injunctions and civil fines because the court ruled that the ripples’ willingness to take the boundaries of the (i.e., judgment) order, suggesting that it may end up, if not yet crossed,” Judge Analisa Torres said.
Ripple lawyer says XRP’s legal status “stays unchanged”
After the ruling, Ripple Chief Legal Officer Stuart Alderoty explain“The ball is back on our court.”
“The court gave us two options: dismiss our appeal, challenge findings about historical agency sales, or appeal,” Aldrotti said.
“Either way, the legal status of XRP has not changed,” he said.
“At the same time, it’s business as usual.”
If the SEC also raises an appeal, it could end the legal battle between Ripple Labs and U.S. regulators that lasted for more than four years.
Related: US judge denies ripple, SEC joint requests $125 million to reduce fines
In December 2020, the SEC filed a lawsuit against Ripple Labs, Chris Larsen and CEO Brad Garlinghouse.
The central claim of the SEC is Ripple raises $1.3 billion through sale XRP, as an unregistered security, violates federal securities laws.
In August 2024, Garlinghouse argued Torres Decided to fine Ripples Laboratory $125 million is the company’s “winning”, noting that this is 94% lower than the company SEC’s initial plan to fine $2 billion In damage.
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