Ripple Labs Inc. and the SEC will abandon an appellate fight over sales of the blockchain company’s XRP token now that they can’t settle the case, they told the Second Circuit Thursday.
The parties agreed to dismiss the SEC’s appeal and Ripple’s cross-appeal pending in the US Court of Appeals for the Second Circuit. The stipulation also resolves the civil enforcement actions against Ripple CEO Bradley Garlinghouse and its co-founder Christian A. Larsen.
The move comes after a federal judge refused to lift an injunction against Ripple and reduce a $125 million civil penalty. It leaves in place the injunction against the sale of the XRP token to institutional investors and forces Ripple to pay a higher fine than it agreed to with the Trump administration’s crypto-friendly SEC.
Source: Ripple, SEC Drop Appeal After Settlement Path Blocked by Judge