Ripple Labs Inc. has agreed to drop its cross-appeal against the U.S. Securities and Exchange Commission (SEC), marking a resolution in their ongoing legal dispute. The SEC will retain $50 million of the originally imposed $125 million fine, with the remaining $75 million to be returned to Ripple. This agreement follows the SEC's decision last week to drop its appeal without conditions. The resolution of the case, which began in December 2020 when the SEC accused Ripple of conducting an unregistered securities offering through sales of XRP, is subject to a formal commission vote, finalization of legal documentation, and standard court procedures. Additionally, the SEC will request that the court lift the 'obey the law' injunction previously imposed on Ripple. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
