The SEC and Ripple officially end their four-year legal battle, upholding the first-instance ruling.

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On August 8, the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, which lasted for four years, officially came to an end. The two parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing that they voluntarily withdraw their appeal against the trial court's ruling from July 2023. It is reported that both sides will bear their own litigation costs and uphold the original ruling by District Court Judge Analisa Torres, which states: · Ripple's sale of XRP to institutional investors constitutes a violation of securities laws · Fined $125 million · Issued a permanent injunction prohibiting future violations Previously, in 2020, the SEC sued Ripple during the tenure of former Chairman Jay Clayton (currently the U.S. Attorney for the Southern District of New York), accusing it of violating securities laws by selling XRP tokens.

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