#Top 3 CEXs: A Moment of Transformation

Ripple CEO Withdraws Appeal for SEC Case: We're Closing It for Everyone!
Ripple CEO Brad Garlinghouse announced that by withdrawing the cross-appeal in the SEC case, the company will now fully focus on the future.
A critical development has occurred in the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse stated in a message on X that they would not exercise their right to cross-appeal and mentioned that the company would completely close its litigation book and focus on building the 'Internet of Value.'
The lawsuit began in 2020 when the SEC claimed that Ripple raised $1.3 billion through the sale of XRP, which it alleged was an unregistered security. Last year, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that some of Ripple's sales did not violate securities laws. However, the decision that direct sales to institutional investors were illegal resulted in Ripple facing a $125 million fine.
Ripple's decision came after the court recently rejected the joint request of the company and the SEC. The parties had requested to reduce the $75 million penalty to $50 million and return the remaining $25 million to Ripple. However, Judge Torres rejected the request, stating that it was not in the public interest.
Ripple's decision to end the lawsuit process and fully focus on innovative projects has been positively received, especially by XRP investors. The cryptocurrency community will now closely monitor Ripple's moves in the new era.
Stay tuned for new developments