Ripple CEO Brad Garlinghouse to Drop Cross Appeal in SEC Case

Ripple CEO Brad Garlinghouse announced on Friday that the fintech company will be dropping its cross appeal in the ongoing case with the U.S. Securities and Exchange Commission (SEC). This decision comes in light of recent developments in the legal battle between Ripple Labs and the SEC.

Judge Denies Proposal to Reduce Penalty

Just a day before Garlinghouse’s announcement, U.S. District Judge Analisa Torres denied a proposal from Ripple Labs and the SEC to reduce a $125 million penalty or dismiss an injunction imposed against the XRP-linked firm last year. This ruling followed a request from both parties to lower the civil penalty to $50 million and remove restrictions on Ripple’s ability to sell the XRP asset.

Focus on Building the Internet of Value

Garlinghouse expressed his commitment to moving forward by stating, “Ripple is dropping our cross appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important—building the internet of value. Lock in.”

Editor’s note: This story is developing and will be updated as more information becomes available.