Ripple's Lawsuit Dismissal Granted by Court of Appeals - Final Decision
By Tomiwabold Olajide
In a significant development for the cryptocurrency industry, the U.S. Court of Appeals for the Second Circuit has closed the SEC v. Ripple case at the appellate level. This comes after the SEC and Ripple filed a joint stipulation to request the dismissal of the agency's appeal and Ripple's cross-appeal.
This decision follows the exit of former SEC Chair Gary Gensler, and since then, the decision to leave the SEC v. Ripple ruling unchanged at the settlement arbitration court was made by the arbitration panel or relevant judicial authority involved. However, the specific individual's name is not publicly disclosed.
The SEC has agreed to reduce Ripple's monetary penalty and drop the permanent injunction preventing the company from conducting institutional XRP sales in the US. While the settlement terms between the two parties have not been disclosed, this decision is seen as a significant victory for Ripple.
The price of the XRP token has shown a minimal response to the recent development in the legal case. The market has largely priced in this development, with the XRP token's hourly chart indicator suggesting a potential bullish rebound. In fact, over the past 24 hours, the XRP token has seen a 7% increase, possibly due to the Federal Reserve's dovish U-turn.
It's important to note that this news article does not provide any information about the current price or market performance of Bitcoin or Ethereum, nor does it mention any predictions about their future prices. Additionally, it does not provide further details about the settlement terms between the SEC and Ripple, and it does not mention any ongoing legal proceedings involving Ripple or the SEC.
The final judgment in the SEC v. Ripple case, as ruled by Judge Torreses, remains unamended. This development marks a significant step forward for Ripple and the XRP community, providing clarity in the legal landscape and potentially paving the way for increased institutional adoption of XRP.
As always, it's crucial for investors to conduct their own research and make informed decisions based on their own risk tolerance and investment goals. The cryptocurrency market is volatile and subject to various factors, including regulatory decisions, technological advancements, and market sentiment.
Stay tuned for more updates as we continue to monitor developments in the world of cryptocurrency.
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