Ripple Labs Withdraws Cross-Appeal Against SEC, Ending Five-Year Legal Saga
Main Points: Background: A Protracted Battle The SEC first sued Ripple Labs in December 2020 under Chairman Jay Clayton’s leadership, alleging that the firm’s sale of XRP tokens constituted unregistered securities offerings. After years of litigation, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled in mid-2023 that XRP sales to retail investors on public exchanges were not securities transactions, but XRP sales