The U.S. Securities and Exchange Commission’s 2020 lawsuit against Ripple Labs is officially over, after the two parties informed the Second Circuit Court of Appeals that they were voluntarily dismissing their respective appeals of a 2023 ruling in the case.
The SEC and Ripple will each bear their own costs, the filing said on Thursday. The joint stipulation ends the legal battle between the SEC and Ripple which began in 2020 after the SEC sued Ripple in 2020 under former Chair Jay Clayton (who now runs the U.S. Attorney’s Office for the Southern District of New York) alleging it violated securities laws through the sale of XRP, the token closely associated with the company.
XRP jumped 5% after Thursday’s filing, trading around $3.27 as of press time.
The SEC filed an appeal in 2024 after a district judge’s ruling in 2023 said that Ripple making XRP available to retail traders through exchanges, while Ripple cross-appealed to maintain its arguments in the case.
The parties agreed to
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