Ripple and the SEC End Legal Battle by Mutually Withdrawing Appeals After 5 Years

On December 8th, lawyers for the U.S. Securities and Exchange Commission (SEC) and Ripple Labs announced an agreement to mutually withdraw their appeals to the Second Circuit Court of Appeals, effectively ending one of the most significant legal disputes in the cryptocurrency industry. Following the news, XRP's value surged, showing an 8.5% increase from the previous day. In June, Ripple CEO Brad Garlinghouse had expressed his intention to withdraw the counter-appeal, stating, 'I want to completely close this chapter and focus on what matters most: building the Internet of Value,' indicating a shift towards focusing on business development.