Ripple’s Legal Circus: The Day Lawsuits Went On Holiday! 🌴

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In a stunning twist worthy of the finest melodrama, Ripple has rather dramatically decided to abandon its cross-appeal against the esteemed US Securities and Exchange Commission (SEC). This decision follows last week’s rather anticlimactic revelation that the SEC, like a bored referee, also chose to drop its case against Ripple.

Ripple Drops Cross Appeal Against The US SEC

In a post on X that could have been an email instead, Ripple’s Chief Legal Officer, the ever-so-eloquent Stuart Alderoty, confirmed that his fine establishment has indeed agreed to forgo its bid for cross-appeal. This came after the SEC, in an act reminiscent of a toddler throwing down a toy, decided to drop its appeal without so much as a condition.

Thus, the curtain falls on this prolonged legal farce, with Ripple and the SEC finally declaring a ceasefire—much to the relief of the courtroom’s upholstery, which had suffered through countless hours of this verbal tennis match.

In an equally riveting update, Alderoty enlightened the public on the fate of that staggering $125 million penalty just chilling in the court’s coffers. The Commission will gracefully pocket $50 million of this princely sum, safely ensconced in an interest-bearing escrow, while Ripple will reclaim a mere $75 million. How generous!

As if this legal ballet weren’t enough, the SEC is now poised to petition the Court to lift the standard injunction imposed upon Ripple. But wait! This thrilling saga remains subject to the Commission’s vote, alongside the usual bureaucratic rituals and the drafting of final documents—because why not keep everyone in suspense a little longer?

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2025-03-25 21:02