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The XRP price on Friday jumped 3% just a few hours after Ripple Labs Brad CEO said Garlinghouse that the company was abandoning its cross -cap against the US Securities and Stock Exchange Commission (SEC) and expects the regulatory body to do the same.
“Ripple will drop our cross calm and are expected to cancel their attraction as they have already said,” Garlinghouse said In the paper X on Friday. XRP (XRP); according to for CoinMarketcap data.
Garlinghouse declares a return to regular operations
“We close this chapter once and for all and focus on what is most important – building the Internet value. Lock,” added Garlinghouse.
The announcement comes the day after The US District Court rejected a joint proposal Since SEC and Ripple applying for indicative decisions to reduce civil sanction of $ 125 million and turn an order defining the primary sales of XRP to institutional investors as a securities transaction under Article 5 of the Securities Act.
“Finally, the court partially complied with the SEC request for a court order and a civil punishment because the court found that” Ripple’s willingness to move borders [Summary Judgment] The order shows the likelihood that eventually, if it fails to do so, will exceed the border, ”said Judge Analisa Torres.
XRP’s legal status “remains unchanged”, says Ripple Lawyer
After the decision, Ripple Chief Chief Stuart Alderota said“The ball is back in our court.”
“The court of court has given us two options: to dismiss our appeal, which challenges the findings of historical institutional sale – or promote appeal,” Alderota said.
“Either way, the legal status of XRP, because there is no security, remains unchanged,” he said, adding:
“Meanwhile it’s as usual.”
If SEC also cancels its appeal, it could end the legal battle between the Ripple Labs and the US regulator, which lasted more than four years.
Related: American judge denies Ripple, sec a joint request to reduce the sentence of $ 125 million
In December 2020 SEC filed a lawsuit against Ripple Labs, Chris Larsen and CEO Brad Garlinghouse.
The central statement of sec was that Ripple sales received $ 1.3 billion XRP as an unregistered safety that violates the federal laws on securities.
In August 2024 Garlinghouse claimed that Torres’ A decision of a fine ripple laboratory $ 125 million was “victory” for the company and stressed that it was a 94% reduction from Initial SEC plan to fine for $ 2 billion for damage.
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