Ripple drops cross-appeal against SEC, accepts $125 million fine and permanent injunction remains in effect

According to ChainCatcher, social media sources report that Ripple Labs CEO Brad Garlinghouse has announced that Ripple will forgo filing a cross-appeal in its case with the SEC. Ripple is ready to close this chapter completely and focus on what matters most—building the Internet of Value, as the overall direction is now set.

As previously reported, Analisa Torres, a federal judge in the Southern District of New York, yesterday for the second time rejected the settlement request jointly submitted by the SEC and Ripple. The request sought to reduce the fine to $50 million and lift the permanent injunction, but the judge held that Ripple could still potentially violate the law again, so the injunction must remain in place.