The SEC and Ripple officially end their four-year legal battle, upholding the first-instance ruling

ChainCatcher news, according to Coindesk, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have jointly announced the official end of their four-year legal battle. The two parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing their voluntary withdrawal of the appeal against the first-instance ruling from July 2023.

It is reported that both parties will bear their own litigation costs and maintain the original ruling by District Court Judge Analisa Torres, which states:

• Ripple's sale of XRP to institutional investors constitutes a violation of securities laws
• A fine of $125 million
• A permanent injunction prohibiting future violations

Previously, in 2020, the SEC, under former Chairman Jay Clayton (now the U.S. Attorney for the Southern District of New York), sued Ripple, accusing it of violating securities laws by selling XRP tokens.