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The SEC and Ripple have decided to withdraw their appeals in the Second Circuit case, bringing to a close one of the most prominent legal battles in the cryptocurrency industry. Due to the dismissal, each side will be responsible for its expenses and fees. XRP was up 14% after the deal was made public

Lawyers for the Securities and Exchange Commission and Ripple Labs have jointly decided to withdraw their appeals in the Second Circuit, seemingly ending one of the biggest legal battles in the cryptocurrency industry. The joint stipulation of dismissal, filed Thursday, stipulated that each party would pay its fees and costs.

“We’re closing this chapter once and for all, and focusing on what’s most important — building the Internet of Value,” stated Brad Garlinghouse, CEO of Ripple, in June, announcing the company’s plan to withdraw its cross-appeal.

Judge Analisa Torres’ mixed decision from 2023 will serve as the case’s final ruling, as both parties have now exhausted their appeals. Judge Torres sided with Ripple on “blind bid” sales to retail investors but declared that hundreds of millions of dollars’ worth of XRP sold to institutional investors were illegal securities sales.

Bill Morgan, an attorney, was thrilled, describing it as “the best news” in five years. “The SEC v. Finally, the Ripple case is over. Boom. He underlined, “Appeals dismissed.”.

According to the filing, which was made by Federal Rule of Appellate Procedure 42(b)(1), “each party shall bear its costs on appeal.”. About the SEC’s main appeal and Ripple’s accompanying counterappeal, it stated that the dismissal applies to the “above-mentioned appeals.”.