Crypto News

Ripple Labs announced that the U.S. Securities and Exchange Commission (SEC) has withdrawn its appeal of a court ruling stating that XRP tokens sold on public exchanges do not qualify as securities. However, the court maintained that Ripple's $728 million XRP sales to institutional investors should comply with securities laws, leading to a proposed $125 million fine, which is currently on hold pending Ripple's appeal. Ripple's CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, celebrated this development as a significant victory, marking a shift in the regulatory landscape. The SEC has also dropped lawsuits against Coinbase and Kraken, indicating a retreat in its crypto oversight efforts.